$200 million project paves way for Cor Jesu growth - St. Louis Business Journal:

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As part of the Cor Jesu will buy six additional acres adjacent to its campu s from Busch to build new facilities and will also get nine acrex of property in a flood plain to build newathletidc fields, more than doubling the size of its existingt 13-acre campus. Erickson plans to closee on the Busch property inMay 2008. The company is proposin to build upto 1,500 apartments for senior surrounding a 70,000-square-foot clubhouse with restaurants, a healtb club and community meeting spaces.
The ranging between 1,200 and 1,809 square feet, would be built in phases based on saidDan Rexford, executive vice president of marketing for "We have not set prices yet, but we try to served the retired schoolteacher," he said. An assistex living facility with several hundrecd beds is part ofthe proposal. Erickson plans to submit its proposalto St. Louis County officials in the cominfg weeks. Upon completion, the development would create 800 full-time equivalent jobs, Rexford said. "We'rre anxious to be Rexford said. "It's an attractive site and it'x well-known.
" The property, located across Gravoiss from Grant's Farm, is mostly undevelopee land, with the exception of a few stables andvacan structures. Busch, an heir to the familhy fortune, moved to California severao years ago. The property is now used as grazinf grounds forsome Grant's Farm animals and Anheuser-Buschh Cos.' Clydesdales. Under the deal, Cor a private Catholic school located at 10230Gravois Road, will buy six acree fronting Gravois Road from Busch'zs Grant's Farm Manor, said Katie Magee Thiemann, director of institutional advancemen t at the school.
In addition, Erickson has agreed to donatre nine acres of common ground to the school for athleti c fieldsand parking. The school is bounded by Gravoi s Road to the north and Sunset Memoria l Park and Mausoleum to the south and makingit landlocked. Cor Jesu was built in 1965 atopundergroundr caves, so it cannot add to its existinb two stories. Sister Barbara Thomas, who was appointe d president of the schoolin May, said the school will form a task forcs to evaluate the best use of the property. "I will be a combination of buildings and Thomas said. "We certainly have a need for The school is at capacity with an enrollment of580 students.
"Thd increased size of our campus will enable us to providethe state-of-thew art facilities so essential to top academi c institutions, including new science labs, field house, fine arts center and other facilities to meet the needs of today'ws top students," she said. "This is a real Former Cor Jesu Principal SisterSheila O'Neill was in talks with Buschj over several years about acquiring the In a Nov. 11, 2005, article, the Busineses Journal reported onthe school' s efforts to acquire the property, alongh with plans by a group of five home builders to buy the entir property parcel for $23.
6 million and build 479 Cor Jesu reached an agreement with the home builderz -- J.H. Berra, , , Fischer and Frichtel, and -- to buy 3.35 acrexs of the property. However, the home builders pulled out of the deal afte nearby residents filed a lawsui t against the county over the density of theproposex subdivision. O'Neill, who is now director of mission advancemenft for the Apostles of the Sacred Hear t ofJesus congregation, said she is optimistic aboug the new plans. "Personally, I am very gratefuo to Andy for his friendship and his help in obtaininfthe property," she said. Pending approval of the projectby St.
Louias County officials, construction is set to begij inlate 2008, with the first phase completefd in 12 months. In a Busch said the proposal is a good fit for the property andthe "My family has owned the property for and I believe that the proposedc development will be compatible with its pastoral setting," Busch "The proposed high qualitgy retirement community should enhance the propertu and the neighborhood. Because of our belieff in the nature and quality of the projects thatEricksob builds, we consented to Erickson'ss use of Grant's Farm Manor to name the development." Robertf Guimbarda, principal of St.
Louis-based real estate advisorhy firm , served as a real estate consultant to Buschj onthe transaction. Erickson, whichj has developed and manages 20 propertiese in11 states, employs more than 11,000 people. It had $97.9 million in revenue in 2006. The Affton development would be its first retirement communityin Missouri. Ericksonj is developing communitiesin Ohio, Kansas City and in Ashburn, Va.