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COLLEGE TOWN: St. Louis developers are investing in a planned development downtown.
Rendering provided by Sam Chimento
COLLEGE TOWN: St. Louis developers are investing in a planned development downtown.

Developers plan $23M housing complex

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St. Louis developer Sam Chimento and his business partners are investing $23 million to bring another housing option to the downtown area for Springfield college students.

Chimento, along with partners John Rooney and Mike Burkhart, bought a 1.7-acre lot at 430 E. Walnut St. and 426 S. Jefferson Ave. from Castlebay Real Estate Holdings for $1.9 million. Burkhart, who is a partner for VE Design Group in Willard, is the project architect for the development, and Rooney is president of E-404 Construction LLC in Chesterfield. Chimento is an executive at Cornerstone Development Inc. in St. Louis

Castlebay Real Estate Holdings is owned by the family behind Foster Hospitality Group LLC, which operates its headquarters in a building at 426 S. Jefferson. Foster Hospitality Group officials planned to relocate Feb. 8 to 1620 W. Elfindale St.

Chimento said demolition of the building along Jefferson Avenue would start in March, and the business partners expect the upscale living development to be completed and ready for students in August 2019. The currently unnamed complex would have 344 beds on four stories and a ground-level garage.

Downtown Springfield Association Executive Director Rusty Worley said the latest urban housing study found that since 2010, 2,428 student-housing beds have been added downtown.
 
With an average of 2.7 beds per unit, Worley said there have been 900 units added in that time, with an occupancy rate of 93 percent.

“Overall, that number is reinforcing that the demand has kept up with the supply, which is encouraging,” Worley said. “I believe the market can absorb it, especially being one year and a half out. That gives the market time to absorb the current units in existence.”

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