Developer with Walton Family Ties Plans Hotel in Locust Street YMCA Building

By on January 13, 2019

From St. Louis Post-Dispatch:  A Colorado developer with ties to the Walton family of Walmart has purchased the old downtown YMCA building at 1528 Locust Street and has plans to redevelop it into a hotel.

The 10-story building, built in 1926, was vacated by the athletic club when it moved to the MX building at Sixth and Locust streets in 2017. The sale, first reported by the St. Louis Business Journal, closed late last month. St. Louis property records indicate the building sold for $3.1 million. The building is not collateral for a loan, and records indicate it was purchased with cash.

The new owner last month applied for a building permit that lists the new use of the building as a hotel.

The Gateway Region YMCA owned the portion of the property where it operated. The long-vacant upper floors were owned by Sonny Property #1 LLC, which listed Frank William Bonan II, part of the family that runs Peoples National Bank, as a member.

The new owner is a Delaware limited liability company that Tina Steiner, who lists a Bentonville, Ark., address in real estate documents, signs for. She also is listed in the Colorado business registration for Nuovo RE, a Denver real estate development firm whose website says it focuses on historic restoration and describes itself as a “socially and environmentally conscious group.” It says it focuses on secondary markets with “opportunities for urban revitalization.”

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