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Lehman Place in Dogtown

I’m always happy to see large scale projects go up in the City of St. Louis. Years back, when I first heard about the $5.5 million Lehman Place project in Dogtown (specifically, the Clayton-Tamm Neighborhood), I rejoiced like everyone else. Unfortunately, not all developments are created equal. Now all there is to show for the investment is a huge monstrosity of building, displaying no use of common sense in its design. And did I mention that it has been in foreclosure limbo for almost a year?

When the Post Dispatch reported that the building was foreclosed on in August 2007, I figured something would be done with the building in short order. Yet somehow, after almost a year, it is still sitting there. Vacant. I have never been inside, nor have I been able to track down the floorplans, but word has it that the layouts are horrendous. If true, that could explain why nobody wants to buy the building from Southern Commercial Bank, who has owned the property at 6400 Wise since foreclosure.

So what do you do with an ugly, overpriced building with horrible layouts, no tenants and hardly any windows on the sides or back? Apparently, nobody has an answer after nearly a year. So what do you think of the property? Hideous or under appreciated masterpiece?

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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7 thoughts on “Lehman Place in Dogtown”

  • Brian S.

    June 25, 2008 at 12:20 pm

    Despite the weird layouts of the units, I was always surprised that none of the retail spaces were ever leased.

    The Tamm Avenue side is really one of the most egregious examples of poor planning I can think of. Nothing like coming out of Seamus McDaniel’s and seeing that blank wall.

    Reply
  • Matt Kastner

    June 27, 2008 at 9:55 am

    I thought the same thing about the retail space. I heard mention that the lease rates were pretty expensive. If true, that could explain a lot. The Tamm side really is hideous. The front isn’t all that bad, but the side and back are a travesty. I’m actually surprised they got away with the design on the Tamm side. The last time I had lunch at Seamus, all I did was star out at that brick wall and wonder whose brainchild that was. What a waste.

    Reply
  • Joey

    July 9, 2008 at 9:00 am

    Terrible. I moved in to Dogtown and after a few weeks, I saw Lehman Place and thought “Oh, 4 more retail shops/restaurants. Awesome!” Then I got home and looked it up on UrbanSTL.com and found that it was an abandoned project. I just e-mailed William Waterhouse, the alderman, to see if there are any plans in place for this piece of garbage. I heard they were looking to make half a million dollars off of their 2 window condos. Ridiculous.

    Reply
  • Joey

    July 11, 2008 at 7:41 am

    I contacted Alderman William Waterhouse who told me that the price has dropped to $4m.

    Reply
  • Shara

    April 9, 2010 at 12:08 pm

    I grew up in STL (a wonderful place) and now live in CA (an equally wonderful place on a different level). Many of these same types of designs are going up in urban areas all over the country. They’re disgusting, ugly, poorly designed and should not be approved. The people who design, build and approve these monstrosities should be forced to occupy them and see how they like it. I’m glad they’re not leasing. It is the best way to show the world just how horrid these designs are.

    Reply
    • Matt Kastner

      April 9, 2010 at 12:26 pm

      I am actually unsure what the current status is on the place. I’ll need to check up on it for a follow up. It really is hideous though. I keep hoping that one day I will drive by to find the placed leveled to the ground. Never going to happen, but I would rather see a overgrown vacant lot than that monstrosity.

      Reply
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