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ST LOUIS, MO-Near its $400-million hotel-casino resort development Downtown, publicly held Pinnacle Entertainment Inc. of Las Vegas has cut a deal with locally based Rodgers Group Development for development of a $25-million luxury condominium tower.
To be called Port St. Louis, the 10-story building will house 49 condominiums, each with luxury finishes, balcony views and access to the roof top common area pool. The glass and brick structure will afford views of the Mississippi River, the Gateway Arch and Downtown St. Louis.
Pinnacle will begin moving dirt for the residential tower in the spring and expects to complete the project in 2008. A Pinnacle executive was not immediately available Thursday for additional comment on ther project.
The project represents approximately half of the $50 million in residential housing that Pinnacle committed to through the company's redevelopment agreement with the City of St. Louis. As part of that agreement, Pinnacle was selected for the two St. Louis-area casino resort projects in early 2004 by the City and County of St. Louis, and then by the Missouri Gaming Commission in competitive bid processes that included applications from several gaming companies.
In November, Pinnacle broke ground for a Downtown casino resort that will open in 2007. The development will include a 90,000-square-foot casino and a 200-room luxury hotel with spa, business center, fine restaurants, and 12,000-sf of meeting and convention space. Pinnacle has selected McCarthy Building Companies as the general contractor.
In September, Pinnacle broke ground for another casino hotel in the Lemay area of south St. Louis County. The $375-million River City Casino & Hotel is scheduled to open in 2008 with a casino; a 100-room hotel; a full-service spa; restaurants; a boutique bowling alley; a multiplex movie theatre; an indoor ice rink; a public park with athletic fields and a hatch-shell music and entertainment venue. A later phase is expected to include an approximately 280,000-sf retail center. Pinnacle also will build a community center in Lemay.
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana and Argentina, owns a hotel in Missouri. The Company opened a major casino resort in Lake Charles, Louisiana in May 2005 and a new casino in Neuquen, Argentina, in July 2005. It also has significant insurance claims related to a casino previously operated in Biloxi, MS, which was largely damaged by Hurricane Katrina.
Rodgers Group Development is owned by twin brothers John and Mark Rodgers. The firm is currently completing Phase II of Shaw Park Villas, a $10 million, 12-unit, two-building development within walking distance of Shaw Park in Clayton, MO.
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