ST. LOUIS – Green Street, the St. Louis real estate developer that owns the recently-closed Armory entertainment complex, now faces a lawsuit alleging the company owes tens of millions in unpaid loans.
The lawsuit, formally filed on Oct. 11 on behalf of Peoples National Bank, asserts that Green Street breached terms for repaying more than $24 million for borrowed funds, which includes nearly $22 million in principal costs.
The lawsuit states that Green Street defaulted a loan payment due to Peoples National Bank on Sept. 22. A spokesperson for the Armory says they closed doors “temporarily” just three days later.
The lawsuit outlines of the possibility of foreclosure or a receivership, which could affect ownership or potential redevelopment of the Armory building. The Armory previously cited a “lack of funding” behind its closure and its inability to complete a second phase desired for the venue.
The lawsuit seeks a court judgement to order Green Street to repay $24,065,618.55 to Peoples National Bank, in addition to $6,205.83 in daily interest fees retroactive to Oct. 7 and other legal fees.
FOX 2’s news partners at the St. Louis Post-Dispatch report that Green Street also owes $1 million in real estate taxes and unpaid construction work for the Armory, in addition to $5 million related to other projects in the St. Louis metropolitan area.
