Drury to Sell FPSE Holdings after long “Demolition by Neglect” Strategy

One of our first articles here at Missouri Metro covered the remarkably long-term and damaging strategy of Drury Hotels in the Forest Park Southeast Neighborhood. Conducting a de-facto “Demolition by Neglect” strategy, Drury allowed their nearly 30 properties in the neighborhood to decline despite consistent and strong community pushback. After nearly two decades, Drury has finally scrapped their plans for the neighborhood and listed each property for sale.

What began as an effort to build two hotel towers and a large surface parking lot extending from Kingshighway into the residential streets of Oakland, Arco, Gibson, and Chouteau ended with little success or fanfare. Members of the FPSE community have, for over 15 years, been subjected to increased crime, blight, and a striking lack of transparency for a project that would effectively raze the Western edge of the neighborhood.

2008 Drury Rendering – NextSTL

Although nearby residents were not too keen on the hotel proposal itself, the lack of any development turned out to be the biggest problem with Drury’s presence in the neighborhood. Their neighborhood stewardship could be characterized as “negligent”, as we covered in our prior article about Drury’s FPSE holdings.

“As Drury continued adding properties to its portfolio in FPSE, they neglected even the most basic maintenance. The structures are slowly falling apart at the seams, endangering residents and skirting the requirements for demolition set out by Park Central Development.”

Brian Adler – Blight in Drury’s Wake: When Development Stalls and Buildings Crumble
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We have been hearing hints for the last few months that Drury would finally offload their properties due to neighborhood pushback, market conditions in a global Pandemic, and shifting priorities. Initially, this sounded like they would opt to find another large developer to purchase all of the holdings in the neighborhood.

The sizable tract of land directly neighbors the BJC Hospital complex and nearby commercial corridor along Manchester Ave. In other words, this is some of the most valuable land in the city in terms of nearby amenities and attractions. An acquisition by another large developer seemed almost guaranteed given the location and near total ownership of properties along the edge of the neighborhood. Another hotel, office, or large residential development could certainly find success at this site.

Drury FPSE Holdings located in the highlighted portion of the map – Imagery provided by Google Maps

Much to the surprise of FPSE residents and members of the community, each individual property will be listed for sale separately. While there could certainly be value to a larger development utilizing the properties together, this piecemeal strategy allows the neighborhood to recover and maintain its historical character. St. Louis has a long history of demolishing well-kept brick homes with unique architecture for uninteresting and unengaging developments, and the neighborhood just may avoid such a scenario.

If you are interested in learning more about Drury’s “Demolition by Neglect” strategy, we highly recommend you read some of the great articles from other St. Louis blogs. While our article does a pretty good job explaining the situational context, St. Louis has a host of incredible development bloggers doing great reporting around the city. You can also check out the listing for the most prominent Drury properties that directly face Kingshighway here.

NextSTL

ElevateSTL

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