Owner of $8.2 Million Locust Street Lofts Files for Bankruptcy
By Gabriel Circiog, Associate Editor
Locust Street Lofts LP has filed for Chapter 11 bankruptcy. The partnership has listed between one and 49 creditors in the filing, with estimated assets and liabilities ranging from $1 million to $10 million. The St. Louis Business Journal reports Locust Street Lofts LP, owner of an apartment building located at 416 23rd Street in downtown St. Louis, is managed by Bill Bruce, founder of Bruce Development Co.
Featuring 96 loft apartments and 4,000 square feet of retail space, the $8.2 million Locust Street Lofts is among a number of historic buildings which have been renovated by Bruce Development, led by Bill and Brian Bruce. The Clayton-based firm has also revitalized the $35 million West End Lofts at 4100 Forest Park Avenue, which features 120 lofts and 20,000 square feet of retail space; and the Soulard Market Loft Apartments situated at 1531 South Eighth Street, a $32 million construction which includes 136 units and 20,000 square feet of retail.
According to the documents filed in the bankruptcy and quoted by the same source, although it has not yet filed a list of its largest unsecured creditors, Locust Street Lofts owes money to Bill Bruce, developer Richard Yackey, AmerenUE and UMB Bank. The revitalization of the Locust Street Lofts and Soulard Market Lofts was a partnership between Bruce Development and local developer Richard Yackey.
Locust Street Lofts LP is represented in the bankruptcy by attorney Vincent Vogler of the St. Louis-based Vogler Law Firm PC.
Photo Courtesy of: www.locuststreetlofts.comTags: Development, economy, leasing, Maintenance, mixed-use, Policy, property management, retail