Clayton on the Park to close, developer lays off workers - The Business Journal of Milwaukee:

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Craig Saur, CEO of said his firm has had layoffs in recenft weeks due to thedown economy. Conrac Properties laid off 10 employees this montyh and now hasnine employees, Saur said. “Everythintg is on hold as capital is hard tocome by,” Saur said of his firm’a development pipeline. Sunrise Senior Living, a Va.-based senior living community operator, said Claytohn on the Park will suspend operations indefinitelystartingh Aug. 17. Sunrise Senior Living and Conrad Properties to transformthe 23-storg Clayton on the Park hotek and long-term-stay residence high-rise into luxury apartments for seniora last year.
The senior livinbg community alsoreplaced Finale, an upscale casuap restaurant and nightclub. "Sunrise carefully made the decision to suspend operations indefinitely at Clayto on the Park after reviewing its current operatinbg performance and the costs to maintain service atthe community," the company said in a statement. "We intend to help every residenft transition to an alternativehome ... At this time, we are not able to speculat e on the future of the building or or if, operations will resume at the community." Sunrisd said it plans to continue operating its 400 otherr communities nationwide, including three others in the St. Louis. St.
Louis-basedd Conrad Properties is a real estats development firm responsible for some of thelargest upscale, high-ris e residential properties in St. Louis in recent years, includinbg the and Maryland Walk ReporterLisa R. Brownm contributed to this story.