According to a notice sent to Saint Louis Community College employees from Chancellor Jeff Pittman, the due diligence period for 300 South Broadway has run out and the sale contract has been terminated without a final sale. The board intends to relist the building for sale.
Patrick Holleran with HDA Architects said they are still pursuing the project, and that it would be premature to say the development is dead but couldn’t provide additional details at this time.
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Letter from Chancellor Jeff Pittman
For the past year, STLCC has been under contract for the sale of the Cosand Center at 300 South Broadway.
This time period allowed the purchasers to pursue due diligence pertaining to their financing and intended use of the property. Recently, the purchase and sale agreement with the College was terminated without a final sale. Accordingly, the Board of Trustees has authorized that we place the property for sale with a broker.
While the result of the sale agreement is not what we hoped, the diligence process in advance of a sale of this magnitude is a normal function of such transactions and included an end date for the benefit of both parties. Given the location of the property and interest from outside parties, we are confident the building will be successfully sold once it’s publicly listed.
The relocation of employees and support offices from Cosand Center to other locations across the District has resulted in approximately $56,000 in savings per month due to fewer operating costs at Cosand for items such as parking, utilities, security, custodial services and more. The annual savings to the College will be approximately $675,000.
We will keep you informed as progress continues.
Jeff L. Pittman, Ph.D.Chancellor
Editors Note: Story and headline updated with comment from the developer.