Once a crown jewel of the city’s entertainment scene, The Armory now sits empty. New lawsuits and a whistleblower reveal what may have led to its downfall.
Since The Armory closed suddenly in late September, the I-Team has been digging for answers. We’ve spent weeks speaking with former vendors like Eli Gosney, a former Armory STL artist.
“We're still in scramble mode," he told us in September. He later told us: “It’s awful the venue had to close because of other people’s negligence. We had an event there and it affected a lot of good people. Luckily we found a new home for the event we had scheduled there,” he said.
We also spoke with former tenants.
“It became this kind of whirlpool of debt," said Jacob Miller, Armory STL managing partner.
A whistleblower who once worked with Green Street Real Estate Ventures, the company behind The Armory project, is now speaking out.
“I think it's a shame," said Paul Giacoletto. He is a former partner and construction executive at Green Street Building Group, who now commutes between Denver and St. Louis.
He sued Green Street in January 2023. He said the lawsuit was dismissed over lack of standing, and that because he was no longer part of the limited liability corporation, he was not legally able to sue because he had been terminated.
“I'm still paying the price for it," he said.
He said the company’s financial mismanagement was widespread.
“So I have a huge debt to the IRS that I'm having to figure out and negotiate a payment plan," Giacoletto said. “It's pretty clear that they were spending money that they didn't have and entering contracts that they didn't have the money to pay or had no intention of paying.”
Armory executives have said the closure is temporary while they seek more financing. But the I-Team has uncovered mounting legal troubles. Peoples National Bank is suing Green Street for over $24 million in unpaid loans, fees and interest.
And that’s not all. At least three other lawsuits filed this year allege non-payment for services, including around $36,000 owed to Grimes Consulting, over $20,000 to a local promotional products supplier, and even unpaid salaries to former employees.
“At some point, you know, you got to start telling the truth, you got to fess up and take responsibility for your actions and, and for the people and the lives that you've affected," Giacoletto said.