St. Louis Biz Journal: Clayton Approves Parking Lot Sale for Development

Clayton’s City Council on Tuesday approved a real estate transaction that will lead to a new $70 million apartment tower in downtown Clayton.

The property, at 8049 Forsyth Blvd., is owned by the city of Clayton and has a 2016 appraised value of $3.13 million. The city has agreed to sell the property to Indianapolis-based Flaherty & Collins Properties for $1.1 million.

Clayton officials have told the Business Journal they hope to see the deal close by the end of the year.

Flaherty & Collins is planning a 22-story tower called Shaw Park Apartments that will include 228 units and a 324-space parking garage. A small amount of retail space was added on the ground floor. The project will still include a rooftop pool and sky bar.

Flaherty & Collins officials have said they aren’t planning to seek tax incentives or abatement for the project.

The project was first reported by the Business Journal in February.