9 Years After Initial Construction, St. Louis Homebuilder Plans to Finish Cottleville Condos
Feb 5, 2019, 2:16pm CST
Nine years after completing the first portion of its Bordeaux Condominiums development, Payne Family Homes has plans to finish out the Cottleville project.
Construction is expected to begin this month on the four remaining buildings of the Bordeaux Condominiums, located near St. Charles Community College. Payne Family Homes completed Bordeaux’s first three buildings in 2010, but then took a hiatus from the project during the economic and real estate downturn, according to Vice President of Sales and Marketing Cyndie Roche. “Now that the market has picked back up, there is a real thirst for affordable firsttime
housing and an equally strong demand for down-sizer housing,” said Roche. “It’s the perfect time to now complete this development.”
Development of the remaining four buildings is estimated to cost about $6 million, according to Payne Family Homes. Each of the new buildings will have 12 units, for a total of 48 new condos. The two-bedroom, two-bathroom, garden-style condos will be priced starting at $149,900, and range from 1,078 to 1,270 square feet in size. Payne Family Homes said it expects the new units to appeal to a wide variety of buyers, including older adults, families and first-time homebuyers.
“We expect this project will be especially well-received by young, up and coming buyers ready to make their first real investment in their future – Bordeaux gives them the opportunity to build equity and to own their own home rather than to pay month to month rent bills to a landlord,” said Roche.
Payne Family Homes, led by President Ken Kruse, is among St. Louis’ largest homebuilders. The company had revenue of $90.61 million in 2017, selling 263 homes that year.
Nathan Rubbelke, Reporter
St. Louis Business Journal