According to a source, Richmond Heights officials Monday night canceled a closed session with Joseph Cyr, the developer the city gave the OK to for Boland Place apartments at Dale and Boland avenues.
Cyr and/or his business partner will report on the status of the project and financing at the Feb. 21 city council meeting in open session, the source says. Richmond Heights City Manager Amy Hamilton hasn’t responded immediately to a request for comment.
According to the source, at the Feb. 21 meeting Cyr could:
- Lay a foundation for tax breaks in the form of real estate tax abatement and/or TIFs
- Request a demolition permit so they would be in position to “flip the property” and sell the cleared land to a new developer
- Request that they be permitted revert back to their original plans which called for a larger building than what was ultimately approved
- Report that they have financing — they will demo in March and start building in May
Richmond Heights officials approved the development last February.
The plan called for:
- 187 apartment units
- A maximum building height of 52 feet
- About 400 onsite parking spaces – about 1.8 per unit
- An approximately one-fifth acre green space at the north end of the complex available for use by local residents
In somewhat related news, land east of this site on Dale was recently listed for sale by the Schlafly Corporation.
I have always thought that something should be developed on this spot but I still believe Cyr and his massive project would be ruinous for the area. I think it’s telling that the Manhasset Village project has already changed hands and other apartment developments outside of downtown Clayton and the CWE are also slow moving. Perhaps common sense took hold of the finance community and what once seemed like a hot investment opportunity has cooled off significantly.
There was a lot of sketchy details that were brought up that he neither answered or side stepped. This project will fail miserably and end up being what everyone fears it will become. A low-income housing development that brings further unwanted elements to Richmond Heights. The fact that this guy was doing all this and didn’t see how this would be a conflict of interest further shows he’s a shady dealer looking to make as much money as he can and doesn’t give a hoot about making a better area. Thanks
Thank you for reporting on this. Please keep the updates coming. This development struck a cord in our community. I have my doubts it will actually be brought off now that Cyr’s employment status has changed.