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Developer: St. Mary's site being marketed nationally

Developer: St. Mary's site being marketed nationally

Location promoted at Las Vegas convention

May 26th, 2013 in News

St. Mary's Health Center (SMHC) officials are in the early stages of working with Sansone Group of St. Louis to market the hospital's current property at 100 St. Mary's Medical Plaza for reuse.

The hospital will relocate to a new $200 million hospital complex on Mission Drive in January 2015.

SMHC hired Sansone Group in February to work with potential buyers to purchase and redevelop the current site.

Sansone Group has been in commercial real estate and development for more than 50 years.

Michael Carlson, senior executive director of the office brokering division with Sansone Group, said the agency is currently talking to several different groups who might be interested in the property.

"We're still trying to get to the point where we select a buyer," Carlson said. "I think we're no longer in the initial efforts, but still the beginning efforts.

"I think as we head into the summer, hopefully some of these groups will turn into real buyers and groups we can enter into letters of intent with."

He said Sansone Group is marketing the property as originally intended, on a national scale. On Sansone's website, the nearly 11-acre SMHC property is listed at a purchase price of $4.4 million.

Carlson said the property would be great for a convention center, hotel, something within the entertainment industry, an office, medical or retail.

Sansone highlighted the site last week at the ReCon Global Retail Real Estate Convention in Las Vegas. The convention was the world's largest gathering of retail real estate professionals, with more than 30,000 attendees.

SMHC also is marketing the property with signs on Missouri Boulevard, Highway 54 and Highway 50.

Carlson said he doesn't yet have a timeline of the redevelopment of the SMHC property, but a clearer one will come together after a buyer is selected.

Brent VanConia, president of SMHC, said it's still early in the marketing process.

"It's the second most frequent question I get asked after when the new hospital will open," he said, regarding the reuse of the current site.

"We would hope that by mid to late next year, we would have a serious interest and that construction could start for redevelopment shortly after our move in 2015."