Owner Jay Brandt is moving with his family to Cincinnati, Ohio, where his wife was transferred to a new job after the buyout of St. Louis-based May Company by Cincy's Federated Department Stores. Brandt has a personal history in the local entertainment business - his parents operated a club in Gaslight Square, he's been on Delmar for more than two decades, and is quoted as saying he'd like to sell to someone who will keep the room a jazz club.
There's no word on the asking price, what assets are included, or what sort of arrangement Brandt has with the landlords. A little Googling turned up this article published last August in the St. Louis Business Journal, stating that the buildings housing Brandt's, several other businesses, and 45 apartments were sold last year to developers Rick Yackey, Peter Perkins and Rick Zimmerman. Yackey is quoted in the story as saying he wanted to convert the apartments to condos after $10 to $12 million in renovations, but he's also portrayed as a fan of urban living:
"It's a place I've loved for 30 years," he said. "I've seen the Loop go through different transitions and ups and downs, but I've always liked the personality. It's probably as close to a Chicago neighborhood as I've seen in St. Louis. You could literally live in the Loop and not have a car."So, who knows what will happen? Certainly, Brandt's business is well-established, and presumably profitable. But given that it has a very desirable location, the lease on the space could conceivably be worth more than the business itself to someone who wanted to use it for another, ostensibly more profitable purpose. Here's hoping that Brandt gets his wish; in the meantime, we'll definitely be following this story as it develops.
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