Erickson to present plans for land adjacent to Cor Jesu

The developer of 88 acres owned by Andy Busch next to Cor Jesu Academy's Affton campus is presenting its plans to the St. Louis County Plan Commission Monday night.

Erickson Retirement Communities of suburban Baltimore has 88 acres owned by Busch under contract for an estimated $20 million.

The Business Journal reported in October that Erickson plans to use the tract, on Gravois Road, to build a senior living. Similar Erickson projects elsewhere have cost from $200 million to $400 million.

As part of the deal, Cor Jesu will buy six additional acres adjacent to its campus from Busch to build new facilities and will also get nine acres of property in a flood plain to build new athletic fields, more than doubling the size of its existing 13-acre campus. Cor Jesu Academy has been on a decades-long quest to acquire acreage from the Busch family.

Erickson plans to close on the Busch property in May 2008. The company is proposing to build up to 1,500 apartments for seniors surrounding a 70,000-square-foot clubhouse with restaurants, a health club and community meeting spaces. The apartments, ranging between 1,200 and 1,800 square feet, would be built in phases based on demand, Dan Rexford, executive vice president of marketing for Erickson, said at the time. "We have not set prices yet, but we try to serve the retired schoolteacher," he said.

An assisted living facility with several hundred beds is part of the proposal.

Upon completion, the development would create 800 full-time equivalent jobs, Rexford said.

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source: bizjournals.com