Butler Brothers Building - 1717 Olive St.

goat314 · PostJan 29, 2014#12014-01-29T15:16+00:00

Cassidy Turley to market historic Butler Brothers building in St. Louis
January 29, 2014 | Staff Writer

"We’re thrilled to market one of the last, large historic buildings located Downtown,” said Hanrahan. “This is an incredible opportunity for an investor to own an entire city block in downtown St. Louis.”

This multi-family residential loft redevelopment opportunity is located in St. Louis’ Loft District. A preliminary redevelopment plan includes 342 multi-family units with 397 garage parking spaces and two retail spaces. Approvals for an additional two-story penthouse of about 71,277 square feet have been obtained.

See more at: http://www.rejournals.com/2014/01/29/ca ... e74z2.dpuf

PostJan 29, 2014#22014-01-29T15:21+00:00

One of my favorite buildings downtown. I actually prefer the buildings in this small stretch of downtown west, it really gives St. Louis a big city vibe. It would be a shame if we had lost anymore of these buildings.

Here are some more pics. BEAUTIFUL BUILDING!

roger wyoming II · PostJan 29, 2014#32014-01-29T15:33+00:00

^ awesome news... was it you who just brought this jewel to my attention last week?

goat314 · PostJan 29, 2014#42014-01-29T15:35+00:00

^ No, but this is one of my favorite buildings. This building was being discussed very recently.

flipz · PostJan 29, 2014#52014-01-29T15:54+00:00

We were just talking about this building in another thread. Hopefully they find someone quickly and get going on it. I wonder how much money it would take to do this project. I love this building but it doesn't have much activity around it yet. However if this massive project were to be done, I would imagine others would follow.

roger wyoming II · PostJan 29, 2014#62014-01-29T16:18+00:00

^ I agree this would be a big catalyst. And imagine the Saint Louis Streetcar running down Olive.

robertn42 · PostJan 29, 2014#72014-01-29T16:38+00:00

This is a fantastic building with tons of potential. You really need to walk around it to get a up close appreciation of its architectural effects. I would love to see this happen and as stated above it would be a catalyst for this section of Locust. Things die out quickly there once you reach the Printer's Lofts.

dmmonty1 · PostJan 29, 2014#82014-01-29T16:44+00:00

And one thing these photos don't show is that it has an awesome light well in the middle, which would make for nice, bright apartments, and possibly inward-facing balconies - it's a great building!

goat314 · PostJan 29, 2014#92014-01-29T17:36+00:00

dmmonty1 wrote:And one thing these photos don't show is that it has an awesome light well in the middle, which would make for nice, bright apartments, and possibly inward-facing balconies - it's a great building!

That's awesome, I hope they put something creative in courtyard. Like outside seating for a restaurant. This building is going to be something special. The columns scream gilded age.

Gateway City · PostJan 29, 2014#102014-01-29T18:12+00:00

I was just thinking yesterday about how this building deserves to be Downtown's next residential conversion. With the streetcar coming, it only makes sense.

goat314 · PostJan 29, 2014#112014-01-29T18:16+00:00

^ as the streetcar becomes closer to reality, we will likely see many more redevelopments along olive, locust, lindell etc.

Alex posted more details....I'm excited!

http://nextstl.com/2014/01/718000sf-but ... velopment/

stlgasm · PostJan 29, 2014#122014-01-29T18:22+00:00

Exciting! Have you guys been in this building? It's so old school! Nothing has been updated in that building since the '60s. It is really a blast from the past. Miss Elaine lingerie company used to be headquartered in this building, among others.

Elf314 · PostJan 29, 2014#132014-01-29T19:35+00:00

Such a big beautiful brick building i love it and can't wait till it comes to life. with some streetscape work it'll be one of the most attractive buildings downtown not that it already isn't and it sits empty

beer city · PostJan 29, 2014#142014-01-29T20:34+00:00

I wonder if they have had any queries yet? - this will take some one with deep pockets, might take some time to get it done -

Unintended happy by-product - at 718,000 SF it represents about 1% of total downtown square footage - taking it off of the vacant roles would reduce vacancy by 1% overnight

stlgasm · PostJan 29, 2014#152014-01-29T20:49+00:00

At least until a couple years ago, there were still a handful of businesses operating in the building. I got my wedding invitations printed at Shamrock Raisdletter & Printing Co. which was located in the building. Out of curiosity, I explored the building and there were some really cool old garment companies left like Ely Yawitz Co. Remnants from when St. Louis was the 2nd biggest garment center outside New York.

mattonarsenal · PostJan 29, 2014#162014-01-29T22:27+00:00

By comparison the light well is about half the size of the one at The Laurel (4,800 SF vs. 10,350 SF). The courtyard at the Laurel is so large and well done that they actually get premiums for interior units. And units on the "Ground level of the courtyard can actually see the sky. Conversely you can pretty easily see the "ground" from the units on the top floor. I'd be curious if that was the case here. Units with only daylight access from lightwells aren't that attractive. It'd be nice if they could open it up a bit or come up with some kind of other creative solution.

Gateway City · PostJan 30, 2014#172014-01-30T01:04+00:00

I hope there are affordable units in this. How can Downtown draw millennials, the only group who's population is actually growing in the City, if all the units under construction and proposed are too expensive? This would be a great building for students of SLU Law and the Webster courses in the OPO and Arcade to live in. They could walk or take the streetcar. I also hope that this and the streetcar encourage development over the existing lots nearby. There are many of them. It doesn't even have to be huge construction, either. It could just be as short as STLCOP's upcoming building and with the same amount of people. Imagine several buildings like that around the Butler Bros. Building! I would love to see the streetcar route largely develop as a college/university corridor! Now THAT would draw population...And riders!

goat314 · PostJan 30, 2014#182014-01-30T01:18+00:00

Gateway City wrote:I hope there are affordable units in this. How can Downtown draw millennials, the only group who's population is actually growing in the City, if all the units under construction and proposed are too expensive? This would be a great building for students of SLU Law and the Webster courses in the OPO and Arcade to live in. They could walk or take the streetcar. I also hope that this and the streetcar encourage development over the existing lots nearby. There are many of them. It doesn't even have to be huge construction, either. It could just be as short as STLCOP's upcoming building and with the same amount of people. Imagine several buildings like that around the Butler Bros. Building! I would love to see the streetcar route largely develop as a college/university corridor! Now THAT would draw population...And riders!

Exactly, it seems like nearly every proposal we have seen in the central corridor has been aimed at the "luxury" crowd. In all honesty there aren't that many recent college grads that can afford $1000+/month for a one bedroom apartment. I think the city would be booming more if there were more new apartments in the $600-$800 range.

Gateway City · PostJan 30, 2014#192014-01-30T02:06+00:00

When I was a junior in college, some friends and I had plans to get a 2 bedroom apartment at Gentry's Landing for $800, but even that's kind of pricey. It looks like the only upcoming affordable or market rate buildings are the Arcade and Chemical. The Butler Bros. definitely needs at least a floor or two of affordable units! Another college campus wouldn't hurt Downtown either.

If only the Art Institute of St. Louis had actually been built in St. Louis...That would be a great addition to the streetcar route somewhere on Olive, especially if it were in Grand Center!

flipz · PostJan 30, 2014#202014-01-30T17:37+00:00

Gateway City wrote:I hope there are affordable units in this. How can Downtown draw millennials, the only group who's population is actually growing in the City, if all the units under construction and proposed are too expensive? This would be a great building for students of SLU Law and the Webster courses in the OPO and Arcade to live in. They could walk or take the streetcar. I also hope that this and the streetcar encourage development over the existing lots nearby. There are many of them. It doesn't even have to be huge construction, either. It could just be as short as STLCOP's upcoming building and with the same amount of people. Imagine several buildings like that around the Butler Bros. Building! I would love to see the streetcar route largely develop as a college/university corridor! Now THAT would draw population...And riders!

Do you mean the government subsidized units like a lot of downtown buildings have or do you just mean cheaper than what is mostly available downtown?

The subsidized units never made sense to me. They charged 6-700 a month instead of the regular $1k for a one bed in most places but then had a ridiculous income restriction. If you're making $15k a year, you shouldn't be paying $700 for an apartment.

Personally I wouldn't mind if they made these into luxury apartments. I feel that way they wouldn't skimp on anything and the building would get overhaul it deserves.

Gateway City · PostJan 30, 2014#212014-01-30T19:00+00:00

I just mean some of them should be cheap enough that people such as SLU Law and Webster students can actually afford.

mattonarsenal · PostJan 30, 2014#222014-01-30T19:36+00:00

flipz wrote:
Gateway City wrote:The subsidized units never made sense to me. They charged 6-700 a month instead of the regular $1k for a one bed in most places but then had a ridiculous income restriction. If you're making $15k a year, you shouldn't be paying $700 for an apartment.

There are very few rent subsidized units downtown. The affordable units are rent and income restricted, not subsidized. And, people making $15,000 a year wouldn't qualify to live in those units. More likely people making $25,000 to $30,000.

terence d · PostJan 30, 2014#232014-01-30T20:09+00:00

goat314 wrote:Exactly, it seems like nearly every proposal we have seen in the central corridor has been aimed at the "luxury" crowd. In all honesty there aren't that many recent college grads that can afford $1000+/month for a one bedroom apartment. I think the city would be booming more if there were more new apartments in the $600-$800 range.

So whats stopping this from happening? If there was money in it for developers why wouldn't it happen?

STLEnginerd · PostJan 30, 2014#242014-01-30T20:14+00:00

^Aren't they subsidized? Didn't the developer get extra moneys to build them in exchange for making them affordable. Therefore the issuer (government?) subsidized the issuee (developer) in exchange for affordability restrictions. If not why would any developer put restrictions on the price they could charge. Is there something I'm missing in the definition of subsidy?

I think a student could justify 6-700 a month if they are getting a degree and they would likely pay it with loans with the expectation of future income to pay it off. That's much pricier than I was willing to pay when I was in school but they again i lived in a sharthole.

I do question whether a luxury building would work on that side of downtown right now. There are plenty of more attractive places for the well healed, especially with NLEC still operating so close by. Still the plans are probably just as good, no matter the target market. Its simply a matter of materials, and detailing. If the planned penthouse unit is the doghouse like structure on the North East Corner its view is going to be incredible.

BTW The way I read the article the owner is trying to sell the building and is including a vision for its renovation. They aren't financing the rehab themselves. Seems like this is probably few steps away from even having a chance to happen in the near future. I'd expect both the Jefferson Arms and Railway Exchange to see new life before this place.

dredger · PostJan 30, 2014#252014-01-30T20:26+00:00

Don't really understand the discussion on why private market should be making cheap rents for college students. Nor do I understand the year over year increases in tutition that higher education has gotten away with for that matter. I paid my way through college years ago on summer work and living in dorms. It wasn't until my last year did I get into apartment with a buddy by renting his brothers condo. In other words, students find ways. To me, SLU and/or hopefully an expanded Webster U campus in the Arcade will need to assess what they would support for downtown student housing. Maybe they will, Maybe they will come together and develop Jeff Arms with Teach America, so on.

The reality is that 1000k monthly rents are doable it terms getting occupancy as well as making conversions happen, thus the increasing residential population. To me there is nothing high end about that number. It is about my all in cost for my Shrewsbury house to pay the mortgage, bills, etc.. Also, maybe I'm wrong but 1000k rents seem comparable to surrounding Metro areas outside of Chicago and are steal for the tech savy crowd who somehow are paying the 3000k West/East Coast rents.