ST. LOUIS (KMOX) - Michael and Steven Roberts are putting their glitzy Roberts Tower on the market.
The brothers’ financial troubles are well-known: they’ve missed paychecks to employees, some of their hotels are in bankruptcy, other hotels have lost franchises, their television stations have been sued by studios and they have other buildings up for sale.
But the steel-and-glass Roberts Tower, whose 25 stories overlook Old Post Office Plaza, is an unfinished crown jewel. Intended to be luxury condos, it’s now being marketed to potential investors as “luxury rental living,” CBRE broker Matt Bukhshtaber noted Tuesday.
“This is the premiere, brand new-construction tower in downtown St. Louis,” he said. “There is no new ground-up construction, so we see local multi-family, regional, and institutional investors [interested].”
Downtown residential, he added, is currently 92-percent occupied.
The brothers spent $70 million building the high-rise, but never finished the floors where the units would be.
Besides the the tower, two other buildings are for sale. Both are already occupied with renters and are revenue-producing.
“We see groups that will want to take all three, or we might see a group that might want to purchase just one or the other,” Bukhshtaber said.