Nine months after reopening, Clayton on the Park is closing
CLAYTON — Nine months after a renovation costing $12.5 million and reopening, the Clayton on the Park luxury senior living high-rise confirmed Tuesday that it will suspend its operations.
A spokesman for Sunrise Senior Living, a partner in the project, said the facility will close Aug. 17. Letters were sent to residents on Monday, and the staff is meeting with each of them. Twenty of the 208 apartments now are leased and occupied, said Stacy Tew-Lavosz, executive director of Clayton on the Park.
On Tuesday, Sunrise, based in McLean, Va., released a statement saying it would do its best to make the transition "as easy and comfortable as possible for all of our residents." The company said it would work with its partner, Conrad Properties of Clayton, to determine the future of the building.
"At this time, we are not able to speculate on the future of the building or when, or if, operations will resume at the community," said Sara Krueger, spokesman for Sunrise.
Last year, Sunrise and Conrad completed transforming the then nine-year-old Clayton property from a luxury boutique hotel and apartments into an independent senior-living residence with top amenities. The building’s first three floors, including the area where the old Finale nightclub had been located, were gutted and refurbished into senior residences.
The remodeled high-rise boasted original art, a theater, wellness center, a spa, a rooftop veranda and top-flight dining. From the location at Bonhomme Avenue and Brentwood Boulevard, the building offers clear views of downtown Clayton’s business towers and Shaw Park’s public pool and gardens free credit score. Rents began at $2,800 a month for a studio up to $9,200 for the six three-bedroom, two-bathroom units.
Sunrise managed the senior living operation and has an ownership interest in the property. The company said it has no plans to close any of its 400 communities nationwide, including three others in the St. Louis area.
Despite the apparent failure of Clayton on the Park, the overall market for senior living is strong, said Maureen Smallwood, who specializes in marketing senior housing. Still, opening a luxury facility in a sour economy may have proven fatal, she added.
"For that high end a product, they just hit the market at the wrong time," Smallwood said Tuesday.
Smallwood serves on the Home Builders Association’s 50-Plus Housing Council, which was created because of the high demand for senior housing. Many senior independent living projects in the area at or over 90 percent occupancy, Smallwood said, adding that she expects demand to remain strong.
But the market for higher-end properties carries more risk, Smallwood noted, even for well-established senior-living companies like Sunrise. "In this climate, people are being more cautious," she said.