Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Project sought for the Grove * St. Louis officials hope to replace a city-owned parking lot with a building that would serve as a gateway to the Grove entertainment district.

The city wants developers to propose a mixed-use building of three to 12 floors.

Put out Monday by the city's Land Clearance for Redevelopment was a request for proposals, or RFP, for the city-owned parking at 4101 Manchester Avenue. The 37-vehicle lot is between Manchester, Chouteau Avenue and South Sarah Street.

Street-level space should have commercial and retail uses. with offices or residences on upper floors, the RFP says.

At least 15,000 square feet of ground-floor retail space should be on Manchester and Sarah, the RFP adds. On-site parking must replace the 37 existing slots and provide at least 40 more.

Potential buyers and redevelopers have until Sept. 2 to submit their proposals. The parking lot's minimum sale price is $120,000, and the city expects to have a redevelopment agreement with the buyer within six months of the purchase. Getting such an agreement would start the two-year clock on building the project, according to the RFP.

AIG sells unit * American International Group Inc. said on Monday it would sell its mortgage-guaranty unit to Arch Capital Group Ltd. for about $3.4 billion.

AIG, the largest commercial insurer in the United States and Canada, said it would get $2.2 billion in cash, $250 million in Bermuda-based Arch Capital's perpetual preferred stock and $975 million in nonvoting common-equivalent preferred stock from the sale of United Guaranty Corp. The Wall Street Journal first reported AIG's deal with Arch Capital earlier Monday, citing sources.

New York-based AIG said in January it would spin off the mortgage insurance unit, cut jobs and sell its broker-dealer network as part of an overhaul to fend off investor Carl Icahn.

Icahn, whose representative secured a board seat at AIG earlier this year, has been pushing the insurer to split itself into three smaller companies. …

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