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Friday, April 14, 2006

DHP Got Bargain Price for the Turnverein

Most sources have reported the December 2003 sale price of the Nord St. Louis Turnverein to troubled DHP Investments at $100,000. Before yesterday, I had not learned the real sale price: $44,000.

Of course, the Turnverein likely needs $3-5 million in work to complete a full renovation -- so even the lowest price is a hard bargain. But still, if the previous owners were willing to sell for such a low price, any developer had a chance at the building. I suppose in 2003 DHP Investments seemed like a good developer for the property, although I know almost no one involved in historic renovation work that ever had any contact with the company. I know of no projects that DHP completed.

The good news is that the Turnverein now can be had for at least as low as $44,000, if not much lower.

1 comment:

Anonymous said...

Much lower now. For a few hundred bucks, you can have a Turnverein patio behind your house. Very sad.