Conrad Partnering With Sunrise on Senior Living Project

Publish Date:

Friday, December 21, 2007

Category:

News Organization:

St. Louis Business Journal

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Sunrise Senior Living, a senior living community operator, said Friday it will join Conrad Properties in the company's plans to invest $10 million to transform its Clayton on the Park high-rise in Clayton into luxury apartments exclusively for seniors.

The 23-story, 275,000-square-foot Clayton on the Park building, at 8025 Bonhomme Ave., opened in 2000. It currently has 109 hotel rooms and 104 apartments.

The hotel/long-term-stay residence units, all equipped with kitchens, will be converted to 208 apartments, ranging from 600-square-foot studios to 1,800-square-foot, three-bedroom suites, according to a release.

The upscale casual restaurant and nightclub, Finale, located in the building is closing at the end of the year.

Conrad announced late this summer that it planned to work with a national developer of senior living units on the project.

Conrad Properties will maintain ownership of the building, and McLean, Va.-based Sunrise (NYSE: SRZ) will manage and market the building.

St. Louis-based Conrad Properties is a real estate development firm responsible for some of the largest upscale, high-rise residential properties in St. Louis in recent years, including the Cupples Station and Maryland Walk developments.

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