$72M Twenty-Four Story The Crossing in Clayton Receives Tax Abatement
Date Posted: August 6, 2014
Posted In: Projects,
From nextSTL: The City of Clayton approved 353 tax-abatement status on July 22 for phase one of The Crossing; a 26-story upscale apartment tower to be built on 0.69-acres adjacent to the Central Ave. Metrolink station. Chicago-based real estate developer CA Ventures is spearheading the project. The firm along with their partner real estate investment company White Oak, also headquartered in Chicago, are seeking institutional partners to secure financing for the development.
CA Ventures vice president of investments John Diedrich told nextSTL Friday afternoon he anticipates the firm will get zoning approval later this month. He further related that the company expects to close on the land in October. Diedrich then added that it is too early for CA Ventures to commit any involvement with regard to future phases of the project.
The proposed $350 million multi-phase mixed-use development is the creation of former CA Ventures and Duke Properties vice president Jerry Crylen.