Located about a half-mile from the Washington University campus, Everly on the Loop in an 11-story residential tower with 209 units and a 209-car garage. Located at 6105 Delmar Blvd., the site sat vacant for a decade after the Yellow Cab Co. building there was demolished in 2006. Project developers CRG and The Koman Group won tax abatement of 100 percent over 10 years and 50 percent over six years.
The $66 million development was delivered in August 2017 after a year of construction led by Clayco, a Chicago-based firm that buys, develops and operates real estate assets. The 320,000-square-foot structure features 10,000-square-foot landscaped amenity deck, fitness center, lounge, cafe, meeting rooms and 4,500 square feet of retail space. The property is 80 percent leased.
CRG President Chris McKee told the Business Journal that off-campus student housing was a niche of his commercial development firm Optimus before it was acquired by Clayco in 2013.
“We continue to look for student housing opportunities throughout the country,” McKee said. CRG is the private real estate investment arm of Clayco.
Clayco utilized 29 minority- and women-owned firms as suppliers and subcontractors for the project. In addition, several apprentices obtained on-the-job training through this project, including some from the Construction Career Development Initiative, which worked full-time on Everly on the Loop while attending evening classes at St. Louis Community College.
Owner/developer: CRG, The Koman Group
Architect: Forum Studio
Engineers: Stock and Associates (civil); Uzun+Case (structural); Jarrell (mechanical); Power Up (electrical); Plumbing Planning (plumbing); FIRE Solutions/Century Fire (fire protection)Contractor: Clayco
Interior designer: Forum Studio
Financing: Project developers CRG and The Koman Group won tax abatement of 100 percent over 10 years and 50 percent over six years.
Project cost: $66 million
By Steph Kukuljan – Reporter, St. Louis Business Journal