Giarratana Development will team with Montgomery Development on a 33-story apartment building to be located in downtown Clayton, Missouri, the St. Louis Post-Dispatch reports.
The Nashville-based company will serve as a consultant on the project, the paper reports. To be located at 2 South Central, the tower will include 345 apartments, ground-floor retail, a rooftop pool and a parking garage for 478 vehicles.
Giarratana Development officials could not be reached for comment.
Montgomery Development is based in Missouri but has a Nashville connection, as company president Joel A. Montgomery Jr., is a Vanderbilt University graduate.
Clayton is located a few miles west of St. Louis.
Noranda Aluminum's request to lower the electricity prices it pays at its massive Southeast Missouri plant will "move forward on an expedited schedule," writes American Metal Market. The Missouri Public Service Commission will start its hearing June 23 and is expected to issue a ruling by the end of July.
Noranda Aluminum is asking Missouri regulators to lower the price it pays for electricity by about 20 percent, a move Noranda says will enable it to keep operating its massive complex in the southeast part of the state. The Franklin-based company has long been at loggerheads with utility Ameren.
“Since the rate relief requested in this Complaint will allow the smelter to remain viable, and the alternative would cause a significant negative economic impact to the State of Missouri in the form of lost taxes, lost gross domestic product, and higher unemployment benefit payments, the requested rate relief is in the public interest,” the complaint reads.
Noranda has the backing of the United Steelworkers Union and several industry groups, but Ameren is backing a group criticizing the company for seeking special treatment. Not surprisingly, investors like the sound of lower input costs and have pushed Noranda shares (Ticker: NOR) up 8 percent this morning.
SEE ALSO: The company's official statement on the request
Noranda Aluminum Holding plans to spend about $45 million to expand its smelter complex in New Madrid, Mo., by 80,000 square feet. The Franklin-based company's project also encompasses some new equipment and is expected to create 29 jobs. Noranda cranked out 575 million pounds of product last year, 13 percent of all primary aluminum made in the United States.
Representatives of the board of North Kansas City Hospital say they have had preliminary talks with a group representing HCA Holdings but city officials say the hospital is not and has not been for sale. There's plenty of local political intrigue at play — the hospital board sued the city last year — but from Nashville, the message is much more clear: The for-profit hospital sector's largest player (Ticker: HCA) is hungry for more deals. Early this year, it acquired a large physician group in Kansas City.
A judge has ordered HCA Holdings to pay more than $160 million to a Kansas City foundation created after the local hospital giant acquired a network of facilities in that city in 2003. At issue in a lawsuit was whether HCA lived up to its commitments to spend $450 million on capital projects over five years. The foundation said the company has over the years shifted its attention away from its urban Kansas City facility and emphasized its more affluent suburban sites. HCA officials said Thursday they will appeal the judgment.
The New York Times has its own take, which includes a heads up that other for-profit hospital operators — including just about every other locally based company — could find themselves under similar scrutiny.
Freeman Webb Investments has acquired Villages of Wyncrest, an 840-unit apartment complex in St. Louis County, Mo.
Freeman Webb raised approximately $57 million in equity for the investment. The company, the portfolio for which has grown 65 percent since the recession began in the late 2000s, acquired the property on an all-cash and unleveraged basis. Kenneth Aston with St.Louis-based Hendricks & Partners brokered the transaction.
The Villages of Wyncrest is located at the intersection of the St. Louis-area Tri-Cities of Clayton, Ladue and University City.
“Villages of Wyncrest has an ideal location between two affluent and flourishing cities — Clayton and Ladue — and is a gateway to University City,” Bill Freeman, chairman of Freeman Webb, said in a release. “It is hard to find over 50 acres of land with 840 apartment units in a thriving urban environment like this. We were able to purchase this property on an unleveraged basis, which is uncommon in the multifamily industry. Villages of Wyncrest is a significant addition to our growing portfolio.”
Freeman Webb is the largest private Nashville-based owner/manager of apartments, with a portfolio of more than 16,000 multifamily units located across the region.