U.S. Equities sells ownership interest in Centene Plaza project
CLAYTON — U.S. Equities Realty of Chicago, a commercial real estate firm with projects worldwide, has sold its ownership interest in the $212 million Centene Plaza project to the principals of Clayco Realty and The Koman Group.
Robert A. Wislow, chairman and CEO of U.S. Equities, said the firm will remain actively involved as a development consultant in the project. Located at the corner of Hanley Road and Forsyth Boulevard, the development will become the new expanded headquarters of Centene Corp. and it also will include shops, restaurants and commercial businesses on the first floors of a 17-story office tower and parking garage.
"We sold our interests to two very strong local development entities, and it makes perfect sense for local people who have had huge success in that market to be the developers," he said.
Wislow said the local developers — Centene, Koman and Clayco — also would be well-positioned to handle leasing and management of the project now under construction personal loans rates.
U.S. Equities was brought into the project in 2006 as a co-developer and majority partner. Wislow had been the lead person in securing approvals from Clayton and appeared personally and regularly in St. Louis to handle the project.
On Thursday, Centene announced that along with its joint venture partners, The Koman Group and Clayco, it had secured and closed on the financing arrangements for the development. The lenders include a consortium of banks led by U.S. Bank and Private Bank, said Sandy McBride, a Centene spokesperson.
Construction is on target to be completed next summer. This first phase will include a parking garage along Forsyth, a public terrace and the 17-story tower.
A possible second phase would include a second office building at Hanley and Carondelet Avenue.