Opera Theatre of St. Louis will move from Webster Groves to Clayton after purchasing the former Caleres headquarters for $15.6 million.
The nonprofit closed on the 6.67-acre site Friday. The organization will redevelop the building, which it went under contract to purchase in March.
“There's an old cliche that the first rule of real estate is you have to control the real estate,” General Director Andrew Jorgensen said. “Now we know where our new performing arts center will be, and it gives us enormous confidence as we move forward.”
Jorgensen said Opera Theatre will stay at the Webster University Loretto-Hilton Center for the next few years during the redevelopment.
Opera Theatre has called Webster University home since its founding in 1976. Jorgensen said the arts organization hopes to remain partners with the school in the years to come.
Opera Theatre officials said the new location could increase the region’s GDP by almost $4 million and generate more than $800,000 in new tax revenue annually.
Jorgensen said Opera Theatre’s new home is centrally located. He also said it's big enough to house its costume shop, studio and office spaces as well as expansive parking and a new garden. The Loretto-Hilton Center is known for its gardens and tents for pre- and post-show events. Jorgensen said he hopes to continue that tradition.
“It's incredibly important to us that we found a place where we could recreate that experience,” Jorgensen said.
Caleres leaders announced earlier this year that the company would move within Clayton.
“We couldn’t be more pleased that our current property will be redeveloped by Opera Theatre of Saint Louis — like us, an organization with deep roots in the St. Louis community,” Caleres President and CEO Jay Schmidt said in a statement. “Their new performing arts center will benefit not only Clayton but the entire St. Louis metro area.”
Opera Theatre has seen significant investment over the past few years, including a $45 million gift, the largest in its history.
Jorgensen said Opera Theatre will continue engaging with Clayton stakeholders and will go through a design process.
“Clayton has wanted a resource like this but hasn't had a performing arts center,” Jorgensen said. "It's bringing the arts to the heart of the community in so many different ways.”
