Opus Group is proposing to develop a nearly $34 million, ground-up apartment project in downtown St. Louis.
The Minneapolis-based company, which has a Clayton office, is eyeing the vacant lot at 1014 Spruce St. to develop 146 market-rate apartments, 3,000 square feet of commercial space and 55 parking spots, according to city documents. Rental rates were not disclosed, but the city's average is $978 and has a 94.1% occupancy rate, Berkadia research shows.
The lot, about two blocks from Busch Stadium, is currently owned by the city of St. Louis, which would sell it to Opus Group for $2.5 million, documents show. The property is currently assessed for $264,000. Together with construction costs, the total investment from Opus Group would be nearly $34 million.
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Opus Group is a prolific developer in the St. Louis region. This summer, it started construction on a new industrial development in Earth City, and is eyeing a senior living project in Kirkwood. Opus also developed the Ceylon apartments in Clayton that sold this summer for over $30 million.
We're getting closer to that for sure, but there is still work to do. One Cardinal Way, 1014 Spruce and 300 South Broadway are all solid additions and could lead to a domino effect of sorts. If all 3 have strong leasing numbers (OCW is already strong), then more projects will follow.GoHarvOrGoHome wrote: ↑Nov 16, 2020This is great for downtown south, I've always been mystified how few places to live there are south of market. Hopefully the rest of the lots can be developed in a similar manner and we can turn this area into a 24 hour district.
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Apparently, from the LCRA financial summary, the working title of the project is "Project Cardinal". So, funny you should mention that with your one and only post.
Thanks for sharing this. I did some searching and wound up on the apartments.com website. Of the 131 apartments offered at Cupples Station, 5 are available now and an additional 8 are becoming available on November 30th. So, 13 vacant isn't that bad. It translates to 90% occupied. Those apartments are also more affordable than others.sc4mayor wrote: ↑Nov 16, 2020^ Website shows 3 available floor plans...but not sure if there are multiple units available for each floor plan:
https://www.cupplesapartments.com/floorplans.aspx
I’m still very curious/anxious what this other new construction proposal is downtown “north and to the west”.chriss752 wrote:This is one of two new construction projects in Downtown that I'm aware of that focus on residential usages (the other will be North and West of here). Glad to see this one get out there and I'm glad OPUS is still going with this.
I've seen clearer renderings of this before. It will be a brick facade and will match the other buildings nicely. An amenity deck will face the garage in the middle of the "U" shape.
Not to derail this thread much on the other project, but it could be made known sometime in December. If not then, January for suredbehrens011 wrote:I’m still very curious/anxious what this other new construction proposal is downtown “north and to the west”.chriss752 wrote:This is one of two new construction projects in Downtown that I'm aware of that focus on residential usages (the other will be North and West of here). Glad to see this one get out there and I'm glad OPUS is still going with this.
I've seen clearer renderings of this before. It will be a brick facade and will match the other buildings nicely. An amenity deck will face the garage in the middle of the "U" shape.
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I can say right now that the Municipal Courts building lot isn’t it, although I wish we would see something proposed there that is meaningful. I’m purposely being vague since the only people who know about the other project are the developer, architect, contractor and myself.dbInSouthCity wrote:north and to the west
Much more affordable. Cupples Station Apartments was the other LIHTC project I mentioned in the Merchandise Mart Apartments thread, so occupancy here may not be indicative of anything. That's also probably why you "always forget about that loft building".chriss752 wrote: ↑Nov 16, 2020Thanks for sharing this. I did some searching and wound up on the apartments.com website. Of the 131 apartments offered at Cupples Station, 5 are available now and an additional 8 are becoming available on November 30th. So, 13 vacant isn't that bad. It translates to 90% occupied. Those apartments are also more affordable than others.sc4mayor wrote: ↑Nov 16, 2020^ Website shows 3 available floor plans...but not sure if there are multiple units available for each floor plan:
https://www.cupplesapartments.com/floorplans.aspx
That'd be the dream. If the pandemic hadn't hit, that would have been a slam dunk for the Blues to enter into some sort of private development all around there. Even as much as I loathe the whole "sports district" thing at this point and would rather something authentic and organic develop around there that would be inclusive to independent businesses, pubs, shops.dbInSouthCity wrote: ↑Nov 17, 2020north and to the west
Makes sense. Although I hope that if a potential renovation happens that they decide to keep the apartments more affordable so people who want to live in the area, but cannot afford luxury prices, can.urbanitas wrote: ↑Nov 17, 2020Much more affordable. Cupples Station Apartments was the other LIHTC project I mentioned in the Merchandise Mart Apartments thread, so occupancy here may not be indicative of anything. That's also probably why you "always forget about that loft building".
These apartments were completed late 2005/early 2006, so the low-income requirements will be expiring soon. In other words, expect this building to be sold and to get a substantial renovation, probably starting with those available units...
The board also recommended Tuesday approving incentives to tear down and rebuild the Burger King at 5025 Delmar Boulevard, just west of Kingshighway.
The measure would limit property tax increases on the proposed $1.8 million building, an unusual move for fast food restaurants.
It's one step away from providing a property tax limit for tearing up and resurfacing a surface lot.quincunx wrote: ↑Nov 18, 2020Yes, the rebuilt Burger King at 5025 Delmar will enjoy a cap on assessed value increases to 2% per year. I'd think the value of the property increasing so much that a low-productivity, auto-oriented land use like this no longer makes sense would be something to celebrate, not protect it from. Of course others could build CITY nearby and help the market value of this property skyrocket, and the owner could sell for a big return, but school kids, drop dead.
And residents in rapidly appreciating neighborhoods worried about being displaced have a question.
