Two banks square off over former Steffen property
The fallout continues to spread over a prominent developer shutting down operations amid financial troubles. Two banks are squaring off over the possible foreclosure and sale of a Midtown building.
Business Bank of St. Louis filed suit in St. Louis County Circuit Court to prevent the sale of the Metropolitan Building at 500 North Grand Boulevard. The building is owned by John Steffen’s Pyramid Construction Inc., which has ceased development operations, and Centrue Bank, which holds the first mortgage on the building.
Steffen was supposed to convert the eight-story 100,000-square-foot-building into a 126-room hotel.
Centrue moved to foreclose on the building last week.