press release

Pyramid Announces a New Beginning for St. Louis Centre
Plan to transform St. Louis Centre is crucial to downtown's continued resurgence

St. Louis -- February 16, 2006 -- The Pyramid Companies announced today an agreement to purchase St. Louis Centre, ending years of speculation about the future of the mall. Pyramid plans a $75 million transformation of the building into a modern mix of residential, retail, cultural and office uses.

"Our team is still working on many aspects of the design, but several changes are clear," said John Steffen, president of Pyramid. "The old green and white skin will be removed and inefficient parts of the mall structure will be demolished, including the bridge across Washington Avenue. We are very excited about this project, but there is still a lot of work to be done - a number of pieces must be put into place to make the development feasible."

Preliminary plans call for reconfiguring the building as modern office and first floor retail space, and the potential for up to 120 luxury condominiums with private parking for residents. The existing central atrium will be reconfigured into a football field-sized, open-air common area with large swaths of grass, a swimming pool, walking paths, and a dog run.

The demolition of the Washington Avenue bridge will restore the grand vistas of this resurgent streetscape. It creates the opportunity to significantly improve the experience of downtown conventioneers and visitors, who often use the 6th and Washington MetroLink stop at the northwest corner of St. Louis Centre. Realizing the potential of the light rail station and the retail capacity of the pedestrian traffic it generates has become a focus of the design effort.

"I am excited about this new beginning for the St. Louis Centre and look forward to working with the Pyramid Companies as they launch this development,'' said Governor Matt Blunt. "Restoring the pulse of downtown St. Louis is an important part of our efforts to create jobs and expand economic opportunity for all Missourians and this is certainly a major step in the right direction."

"St. Louis Centre has been a dark spot in the otherwise bright downtown development picture. With other properties in the heart of downtown undergoing revitalization, St. Louis Centre is currently the core's biggest problem property," said Mayor Francis Slay. "Pyramid's plans for this important area will address this last remaining hole in downtown's heart. I look forward to working with them to make this vision a reality."

"The old St. Louis Centre will soon be gone," said Pyramid Senior Vice President Matt O'Leary. "We intend to reverse the polarity of the mall. This area will soon act as a magnet, drawing new energy and activity into the heart of Downtown St. Louis."

"Barry Cohen, the current owner of the Centre, has been very supportive of our vision for this property," said John Steffen. "Pyramid would not have this exciting opportunity without Barry's cooperation".

Pyramid noted that it will spend the next few months refining its plans for the Centre and will make further announcements in early April, 2006.

Owned by John Steffen, Pyramid is the largest developer and builder of housing in the City of St. Louis with over $500 million of projects either completed or in various stages of development. The company specializes in development, construction, property management, architecture and sales. Pyramid is a leading developer of high rise urban lofts, mixed-use commercial properties in downtown St. Louis and one of the most successful HOPE VI housing projects in the country.