The indefinitely closed nightlife venue Armory STL faces a takeover attempt from a major lender.
The People’s National Bank in Clayton is suing one of the company’s developers for a lack of payment on a loan. The Midtown venue had closed last month, citing financial struggles.
Last week, the Clayton-based financial institution filed a lawsuit against Armory developer Green Street in St. Louis County Circuit Court and is seeking repayment and to take control of the entertainment facility.
The bank loaned Green Street $23.6 million in March 2023 for the Armory project, but it hasn't made any payments since, according to the Sept. 26 lawsuit. The company’s principals, Phil Hulse and Kevin Morrell, are named as defendants in the suit.
That loan matured on Sept. 22, and the lawsuit states Green Street now owes Peoples National Bank more than $24 million, including interest and other fees.
The Armory is located in a historic building that housed the 138th Infantry Division of the Missouri National Guard in 1938 and was later the site of the St. Louis Tennis Club.
Armory executives said last month they decided to close the business temporarily to buy time to find additional financing. They hope to build out more of the planned but as-yet unrealized elements of the 250,000-square-foot complex.
Until then, building owners say the Armory will be closed indefinitely.
