After less than two years, the Armory event and entertainment venue in Midtown is shutting down, though the operators say the closure will only be temporary.
It’s the latest sign of trouble at the Armory’s struggling developer, Green Street St. Louis, which owns both the venue’s operator as well as the historic 1938 Missouri National Guard armory building billed as “The biggest bar in STL.”
When it opened in December 2022, St. Louisans cheered the venue as Green Street breathed new life into a long-vacant building abutting the south edge of Interstate 64 (Highway 40) seen by tens of thousands of motorists daily. Patrons could choose between badminton, cornhole, ping-pong and horseshoes on the sprawling 250,000-square-foot complex, ordering drinks and food from the bar while catching games on massive screens along the walls.
But in a Facebook post Wednesday, the Armory said it was closing temporarily, blaming the building owner for not funding subsequent development phases, but said plans to reopen were in the works.
“This first phase was never meant to live on its own,” Armory Chief Operating Officer Jimmy Smith said in the statement. “Even if we could have added just the rooftop, this whole picture would be different.”
Mizzou fans gather to watch Cotton Bowl win
Amy Jordan, a University of Missouri alum, reacts as the Missouri Tigers score a first touchdown against Ohio State as she attends a watch party for the Cotton Bowl on Friday, Dec. 29, 2023, at the Armory.
Armory STL opens for its next life as massive entertainment complex
Bartenders await customers Dec. 17, 2022, on opening weekend at the Armory STL.
Jacob Miller, which the release said created the Armory STL concept, said he still believes in the concept and was working to bring in outside investors to finish the project.
“The landlord was supposed to fund the buildout of the whole thing,” Miller said. “When only a fraction was funded, we were left with an incomplete project and were drowning in debt.”
Miller and Smith are part of Green Street’s hospitality arm, Brick + Bev, launched to run the Armory. Green Street owner Phil Hulse did not respond to requests for comment. Smith did not respond to follow-up questions.
Green Street was once one of St. Louis’ most prolific developers, tackling rehab projects and building hundreds of new apartment units in Forest Park Southeast as the area redeveloped into the trendy “Grove” entertainment district over the last 15 years.
But as interest rates and construction costs soared, news of problems at Green Street began trickling out. It laid off employees and former principals sued. Contractors have been filing mechanics liens on its projects.
Several Armory contractors have sued in recent months alleging Green Street and its construction arm and had not paid them. Just last month, CNJ Mechanical Contractors filed suit saying it was owed nearly $400,000 for work at the Armory. Three other contractors sued in June claiming they were owed nearly $600,000 for work at the complex.
Green Street’s issues have not been contained to the Armory. This month, the owner of several senior living facilities sued Hulse and partner Kevin Morrell for $1 million in unpaid rent and expenses the pair’s health care firm leased and operated. Green Street also sued one of its major tenants, dog-themed venue Bar K, for $300,000 in back rent at its building on McRee Avenue in south St. Louis.
Some of its major developments have also fallen through in recent years, including a mixed-use project in Webster Groves. A proposal to remake Manchester Road in Brentwood also faces a legal challenge from national libertarian organization Institute for Justice for Brentwood’s use of eminent domain.
Armory STL opens for its next life as massive entertainment complex
Lisa Stockman reaches for the ball on an oversized ping-pong table while playing with her sons, Leo Stockman (left), Jackson Dyroff and Max Stockman on Dec. 17, 2022, at the Armory STL.
Even the Armory itself was a scaled-back project. When Green Street first bought the historic building and made its pitch to the city almost a decade ago, it planned an $83 million rehab into offices and commercial. Based on those plans, the city approved an $8 million tax increment financing package and the St. Louis University redevelopment arm granted a 15-year tax abatement.
By 2020, however, Green Street had pivoted to a far less expensive project to turn the open floor plan building into a recreation venue and eatery.
Even so, the venue appeared popular, drawing throngs of fans for City SC and University of Missouri football watch parties. Smith, the COO, even claimed in an interview that some patrons complained there wasn’t enough parking. Miller, in his statement, said he remained committed to the Armory.
“The concept worked, but without capital, it is just not sustainable,” Miller wrote. “When you see so many people in the region enjoying what we did, you must press on. I gave up a lot to create this project, and we believe in it.”
Former Green Street employee alleges developer misled investors
The employee for the St. Louis developer said he discovered misleading accounting that made Green Street’s finances appear better to investors, the suit says.
___
(c) 2024 the St. Louis Post-Dispatch
Distributed by Tribune Content Agency, LLC.
