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Developers part ways over $21 million downtown development

Pier Property Group is no longer involved with the project after Bamboo cut ties with the Midtown-based developer
Credit: Bamboo Equity Partners

ST. LOUIS — Bamboo Equity Partners is moving forward with its first downtown St. Louis redevelopment without its partner on the project, Pier Property Group.

The two local firms had partnered to transform 300 S. Broadway, a vacant office building just east of Busch Stadium, into 80 market-rate apartments with ground-floor retail for $21.3 million. Bamboo, which is moving forward with the project, consulted with Pier Property Group but did not have a formal agreement, Bamboo Managing Partner Dan Dokovic said.

Now, Pier Property Group is no longer involved with the project after Bamboo cut ties with the Midtown-based developer.

"After being asked to join the team when the project was at its infancy and turning it into something feasible, I was disappointed when Bamboo decided to part ways," PPG owner Michael Hamburg said. "With its unique location, I believe there is a lot of potential in the building and was looking forward to bringing PPG’s multifamily redevelopment experience to the table.”

Dokovic said the partnership was not a good fit for his firm but added that there's "no bad blood" with PPG.

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