Posted Nov 20, 2019, 10:37 PM
|
|
|
Developer doubles down on Laclede's Landing, plans $12.4 million apartment project
https://www.stltoday.com/business/lo...ome-the-latest
Quote:
ST. LOUIS — Advantes Group is doubling down on Laclede’s Landing with plans to acquire two historic Second Street buildings and turn them into 76 apartments and street-level commercial space.
The $12.4 million renovation of the 1881-built Greeley Building at 618-624 North Second Street and the Hoffman Brothers Produce Building at 700 North Second Street would be the second major project on the Landing for St. Louis-based Advantes, led by Brian Minges. The developer recently completed its Peper Lofts project in the former Bi-State Development Headquarters at 701 North First Street, adding about 50 apartments and office and retail space to the Landing.
Advantes has the two buildings under contract and plans to acquire them from real estate speculator and river barge magnate Dave Jump for $2.7 million, according to a report from the St. Louis Land Clearance for Redevelopment Authority. Staff for that office recommends the city grant Advantes 10 years of 75% property tax abatement for the project.
It’s not the first time a developer has had the two Jump-owned buildings under contract. Last year, a Philadelphia developer had them under contract with similar renovation plans but later walked away from the deal.
Investors are taking some new interest in the Landing now that the Arch Grounds renovation is complete. That massive, yearslong project restricted access to the historic downtown district and put some restaurants and bars out of business. In response, the city has negotiated a deal with Drury Development to extend Lucas Avenue through the hotel company’s parking lot, giving a new entryway into the district from downtown to make up for the loss of Washington Avenue access as part of the Arch project.
Advantes’ rehab of the historic Christian Peper building, a late 19th century tobacco warehouse, into apartments has been great for the area, said Laclede’s Landing Community Improvement District President John Clark. If the company can acquire and redevelop Jump’s properties, that “really tips the scale in a positive direction.”
“We’ll finally get something going for those buildings that have just sat there forever,” Clark said. “He starts getting those going, there will be other people wanting to do things.”
Advantes also plans to use almost $2.5 million in state historic tax credits and $1.5 million in federal historic tax credits to help finance the project.
Dave Sweeney, an attorney for the developer, told the LCRA board that Advantes is considering the possibility of some sort of museum catering to tourists on the ground level, perhaps related to the river.
“So you’re suggesting the museum be named Mississippi Nights or something?” LCRA chair Matthew McBride quipped, a reference to the beloved longtime Landing music venue that closed in 2007.
Advantes has also taken on several former school building apartment rehabs, including Lafayette School in Soulard and Sherman School in Shaw. It’s working now on a rehab of the former Wilkinson Elementary school building at 7202 Arsenal Street in the Ellendale neighborhood. That $5.6 million project envisions 32 apartments and a new 3,000-square-foot office for Advantes in the old school gym. City development staff recommended 10 years of 80% tax abatement for the Wilkinson school project.
|
Greeley Bldg.
Hoffman Bros. Produce Bldg.
|