Doubles its downtown development
Of the St. Louis American
While other companies are passing on development opportunities or folding altogether, Pinnacle has doubled its own bet on its downtown casino hotel project, named Lumiere Place Saint Louis.
Pinnacle announced Thursday that the downtown project will now cover 20 acres when it is complete, include a pair of underground walkways and have additional residential and retail units.
The initial phase of Lumiere Place is priced at more than $475 million and will feature two hotels and a casino with approximately 2,000 slots and 40 table games. This includes the existing 297-suite Embassy Suites which is undergoing a multi-million-dollar renovation.
The luxury hotel will include 200 rooms, a 10,000-square-foot spa, two fine-dining restaurants, and an expansive pool and garden area off the hotel lobby on the eighth floor, overlooking the Gateway Arch and the city skyline.
Rodney Crim, St. Louis Development Corp. director, said the city badly needs “a vital entertainment district,” and called Lumiere Place “a high-quality project that will help transform the city.”
He also said Pinnacle “values diversity among vendors and employees.”
“Even though this is a private project, Pinnacle is meeting the city’s minority participation goal (25 percent African-American and 5 percent women business enterprise inclusion) and is a great corporate partner,” Crim said.
Pinnacle Chairman and CEO Daniel R. Lee announced the project’s naming on Thursday at the firm’s Laclede’s Landing office. He said during a press conference that the company now owns or has an option to purchase all real estate in the Lumiere Place area, a redevelopment zone bounded by Third Street, Carr Street, Lenore K. Sullivan Drive and Dr. Martin Luther King Boulevard.
As for the luxury hotel, Lee let the name “Four Seasons” slip during his presentation. That deal has not been announced by Pinnacle.
Lee also said the company wanted to “create a new neighborhood,” acknowledging that he is aware of St. Louis’ “Most Dangerous City in America” label.
“We can make 20 acres safe. We can do that,” Lee said, warning would-be car thieves or other criminals that there would be 24-hour security and constant video monitoring.
“We want to convince people to come here, to come downtown,” Lee said.
Lumiere is French for “light,” and Pinnacle wanted to reflect France’s historic relationship with St. Louis – which began at Laclede’s Landing.
The 24-story hotel tower will be illuminated at night, creating “an arc of light,” according to Lee.
Lee said there is no estimate on the second phase of the hotel project, but he said the financial commitment would match the initial phase, bringing Pinnacle’s investment in Lumiere Place to almost $1 billion.
Lee said the casino would be completed first and Pinnacle is securing retail and residential tenants.
“This is a special neighborhood,” Lee said.
Pinnacle hit the development jackpot twice in 2004, being selected by the city and St. Louis County to develop casino hotel projects.
Pinnacle is also building a $375-million casino, hotel and entertainment complex named River City Casino & Hotel in the Lemay community of St. Louis County.
Construction began on Lumiere Place in September 2005, and its first phase is scheduled to open in late 2007.
