Luxury Condominium Community
The
Opportunity
In 2017, Savoy Properties identified a parking lot in a prime location in Kirkwood that was no longer being leased by the city and that it had a large enough footprint to make it a suitable site for a condominium development. It had been nearly ten years since anyone had built luxury condominiums in St. Louis, and in that same decade, Kirkwood’s affluent population had more than doubled. As residents of Kirkwood themselves, the ownership group agreed that luxury condominiums were a much-needed home category in Kirkwood—and while these projects can be tricky to pull off—they knew they had the team and the expertise to make the development a success.
Our
Approach
The first major obstacle was demonstrating to the city council that this project would be beneficial to the community. Luckily the main goal of Savoy was to maintain the character of the area—a perspective that aligned with the council’s vision for the neighborhood. After two years of due diligence and cooperative work with Kirkwood civic leaders the team was able to successfully change ordinances and bylaws necessary to move the development forward. The project was a go.
The
Results
Together with CNB St. Louis Bank, Kadean Construction, Core10 Architecture and Reid Group Luxury Real Estate, Savoy developed the first luxury condominiums in Kirkwood. The success of The Madison paved the way for two other condominium buildings—The Barclay and The Hutton—resulting in a total of 38 condominium units across three buildings valued at over $40 million. Luckily the heavy lifting in terms of coding and zoning was already in place making the other two condominium buildings easier to move forward.
95% of the units were sold before Savoy ever broke ground with the Hutton or Barclay, and the units sold for more than any neighboring high-end condominiums. The condominiums have filled an important gap for Kirkwood residents who were looking for a smaller, large-scale luxury development. The well-designed buildings also improved the streetscape, replacing original structures that were in bad condition. The entire project is now valued at over $40 million.
When we needed a new headquarters and warehouse, the team at Savoy leveraged their business, real estate and government contacts along with their knowledge and expertise to negotiate a deal on the right property.
They expertly navigated complex legal arrangements and secured the needed municipal clearances to make the deal happen.
Their efficiency and effectiveness helped us maintain our strong business, care for our team and deliver for our customers during a challenging and critical time.
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