January 12, 2006

Conrad Properties Corp. and Wolfe Properties LLC Presents Redevelopment Plan, “The Village at the Heights,” for Hadley Township in Richmond Heights

A team of nationally prominent real estate companies brought together by pioneering St. Louis developers Conrad Properties Corp. and Wolfe Properties LLC is proposing a multi-faceted plan to comprehensively revitalize the 57-acres Hadley Township area in Richmond Heights, MO.

Coined “The Village at the Heights” and carrying a projected completion value of more than $365 million, the plan calls for creating a pedestrian-friendly mixed-use development comprised of:

More than 850 housing units, including apartments and attached and detached homes;
From 500,000 to 625,000 square feet of office, commercial and retail space; and
A new 2-acres landscaped pedestrian artery that would be created by elevating and improving the Hampton Creek drainage culvert into a pedestrian parkway.

“Our plan advances the best tenets of 'New Urbanism' design as it reaches out to link Hadley Township with The Heights Community Center to the north and with the thriving residential neighborhood that borders it to the east,” said Bob Saur, chairman of Conrad Properties. “The goal is to foster a stable, diverse neighborhood for families that provides a range of housing in proximity to shopping, jobs, recreation and transportation.”

“As envisioned,” said Dean Wolfe, president of Wolfe Properties LLC, “the development will create a new horizontally and vertically integrated village using a widened and enhanced Elinor Avenue as the backbone, from which interconnected and pedestrian scale retail, commercial and neighborhoods of detached and attached single-family homes and apartments will emanate. The concept is unique to the St. Louis metro area.”

The plan also gives Hadley a new “front door” by adding a cohesive mix of Class A office (100,000-150,000 s.f.), office/retail condominiums (150,000-200,000 s.f.) and retail/commercial space (200,000-225,000 s.f.) along Hanley Road. The final composition of the non-residential space will be adjusted in response to market demand.

Presuming orderly site acquisition, the team proposes to begin developing its initial residential phase in Fall 2007, with commercial development to commence in Summer 2007.

The plan requires St. Louis County to make the widening of Hanley Road along the project's frontage a priority. It also calls for the use of eminent domain by St. Louis County and Richmond Heights to ensure that the public elements of “The Village at the Heights” can be completed in timely fashion. All told, the team's consultants forecast that the plan will require $53 to $59 million in tax increment financing (TIF).

In conceiving its plan, Conrad and Wolfe collaborated with an inter-disciplinary team of “who's who” developers, urban planners, architects and landscape designers. Collaborating with the team are:

Forest City Enterprises, Inc., a NYSE-listed real estate company (NYSE: FCEA and FCEB) based in Cleveland, Ohio with assets of nearly $8 billion;
Calthorpe Associates, a Berkeley, California based urban planning and design firm that is nationally recognized for its role in originating and refining the 'New Urbanism' and 'Smart Growth' concepts;
Development Strategies, a St. Louis based real estate, community and economic development consulting firm;
And the St. Louis legal firm of Bryan Cave.

“Without question, the redevelopment process at Hadley Township will be complex, intricate and challenging,” said Dean Wolfe. “Also, without question, our team possesses the experience, tenacity and financial wherewithal to bring 'The Village' to fruition with the help of the enabling tools St. Louis County and Richmond Heights have at their disposal.”

“We agree with Richmond Heights that it is time to take constructive action at Hadley. Otherwise, the area will continue its slow decline,” Bob Saur added. “We believe that by creating a diverse, socially progressive family neighborhood, our plan will produce long-term value and stability and support the ascendant reputation of Richmond Heights as a desirable place to live, raise a family, work and play.”

Founded in 1971 by Saur, Conrad has established a singular niche as the leading developer of upscale, mid-and high-rise residential buildings in metro St. Louis. All told, it has completed a diverse array of projects including golf courses and office buildings valued at nearly $500 million.

It currently has three major residential projects underway. They are 4545, a $28 million, 10-story, 34-unit condominium at 4545 Lindell Boulevard in the Central West End. Maryland Walk, a 17-story, $75 million mixed use property at 8025 Maryland Avenue in Clayton that combines 8,000 square feet of street level retail space with 99 condominiums; and West Village, a condominium in Creve Coeur under construction.

After a successful 33-year career at The May Department Stores Company, Dean Wolfe founded Wolfe Properties LLC in October of 2005 to capitalize on his extensive experience and national network of relationships in the development, construction, financing and leasing areas of the real estate industry.