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Saint Louis Construction & Housing News Focusing on new construction & redevelopments within the Metropolitan Saint Louis Area  www.slfp.com St. Louis Front Page P. O. Box 1354 St. Louis, MO 63188 http://www.slfp.com Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com |
ST. LOUIS, (SLFP.com), July 18, 2010 - The rebirth of the Opera House at Henry Kiel Auditorium in St. Louis became a reality with the formal announcement of the financing and start of construction on the historic downtown performing arts and cultural center, which will reopen in Fall 2011 as the Peabody Opera House. The St. Louis Blues ownership group, headed by Dave Checketts and including local partner Tom Stillman, is joining with Optimus Development, headed by Chris McKee, to spearhead the rehabilitation and renovation of the iconic downtown building. Paric Corporation, headed by Joe McKee, will serve as general contractor in partnership with KAI Design and Build. And Peabody Energy, whose global headquarters are located only a few blocks away in downtown St. Louis, will support the effort as naming rights partner. The event was attended by dozens of civic and business leaders as well as St. Louis Mayor Francis Slay, who had recently announced the successful closing of financing for the $78.7 million redevelopment of the historic building. Construction has already begun with an anticipated reopening of the Peabody Opera House in Fall 2011. In a release, Dave Checketts, chairman of the St. Louis Blues and CEO/Chairman of SCP Worldwide, said "Today is a momentous day for the City of St. Louis. We now have everything in place to restore this St. Louis treasure, including the support of Peabody Energy. Peabody understands the historical relevance of this facility and the role its renovation and reopening will play for St. Louisans and visitors to downtown for generations to come." The Peabody Opera House will be operated by an affiliate of SCP Worldwide and will offer citizens a variety of theater and musical events, including events produced by Running Subway, SCP Worldwide's New York-based production company. "For more than half a century, Peabody has called downtown St. Louis home as we power people's lives all over the world," said Peabody Energy Chairman and Chief Executive Officer Greg Boyce. "We are now proud to help turn this opera house into a home for creative energy, brightening people's lives and further enhancing the city's magnificent cultural landscape. The Peabody Opera House is a product of the vision andhard work of Mayor Slay, Dave Checketts, the McKees, and the many other community leaders and skilled workers who are polishing this St. Louis gem back to its original luster." The completed venue will provide jobs and entertainment options in the City of St. Louis, including the creation of 480 construction jobs with a total payroll over $23 million. "Over the past three years and under very difficult economic conditions, our team worked tirelessly to make this project happen," said Chris McKee, president of Optimus. "Many people deserve credit, especially my dad Paul, my brother Joe, Dave Checketts, and the Mayor. These folks believed in our team and this extraordinary building from the very beginning. The Peabody Opera House project will not only provide hundreds of new jobs to the region but also awaken an area that is vital to downtown." The plan for the renovation and reopening of the Peabody Opera House, an architectural gem opened in 1934 on Market Street in downtown St. Louis, was approved by the Board of Aldermen in June 2009. The City's Land Clearance for Redevelopment Authority (LCRA) issued $32.6 million in bonds to finance a portion of the development. More than $46 million in state and federal historic tax credits, federal New Markets Tax Credits, Brownfield tax credits, and first mortgage debt complete the financing. Archived Pages: Downtown St. Louis Projects Receive Major Economic Incentives for Redevelopment AFL-CIO to Bankroll Historic Laurel Redevelopment Construction Begins on Kirkwood Senior Living Facility St. Louis Cardinals Plan Softball Field on Site of Proposed Ballpark Village Ballpark Village On the Horizon for Downtown St. Louis Proposed Ballpark Village Development Could Transform St. Louis Downtown Into the Center of Universe Redevelopment of the Former 14th Street Pedestrian Mall Receives Critical Financing  
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