Burghoff drives $10 million condo project downtown
St. Louis Business Journal - January 26, 2007
Matt Burghoff said renovation work on the Ford Apartments will begin immediately and should be completed by late summer.
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Matt Burghoff is planning a $10 million transformation of the Ford Apartments building at 14th and Pine streets downtown into high-end condos.
Burghoff, principal of Kirkwood-based Mambo Development, has the 14-story apartment building under contract for an undisclosed amount from owners Pete Rothschild and Peter Perkins. The sale is expected to close Jan. 31.
Thirteen floors that now have eight apartment units each will be converted to fit two condo units each. The 26 condos will range in size from 1,793 square feet to 1,818 square feet. They will be priced between $403,425 and $454,500.
Burghoff said he was attracted to the rectangular brick tower because it's a stand-alone building, without adjacent buildings to block views. "It has incredible 360-degree views of the city from every side," he said.
Parking will be built into the first floor, and a pool and spa are planned for the rooftop. Two elevators will be equipped with a biometrics identification system that will allow entry directly into each unit. The biometrics system will use fingerprints or palm prints to identify residents.
Burghoff said he will begin immediately on the renovation work, which is expected to be completed by late summer. A 3,000-square-foot commercial space on the ground floor also will be available for lease.
Montgomery Bank is the lender on the project, and Rosemann & Associates is the architect. A general contractor has not yet been selected.
Completed in 1950, the Ford building is listed on the National Register of Historic Places. Its namesake is James Leven Ford Jr., a businessman who worked to rid St. Louis of coal smoke in the 1940s.
For the past 10 years, Burghoff has developed office and retail space throughout the region. He developed the $11 million, 36-unit Bee Hat Lofts at 1021 Washington Ave. downtown. That project is distinct in the Washington Avenue loft district because of its steam-blowing lions on the building's exterior.
Burghoff said he plans to develop another signature design on the exterior of the Ford building. On each side of the building, existing limestone squares will be fitted with computer-controlled light-diffusing panels that will light up the building with adjustable colors and patterns.
A public park separates the Ford building from The Lawrence Group's $125 million Park Pacific renovation of the former Union Pacific building at 13th and Olive streets, which will have 142 condos, 30 apartments and 80,000 square feet of office space. "Our strongest area of sales is in our midprice range -- from $350,000 to $450,000," said Steve Smith, president of The Lawrence Group. "That price range is attractive to a very broad segment of the St. Louis area -- empty nesters who want the true urban lifestyle in addition to all the amenities."
Also nearby is Chicago-based Silverstone Communities-Midwest's $18.5 million conversion of the 13-story Blu CitySpaces condo project at 17th and Olive streets, which formerly housed the Bethesda Town House senior apartments. Blu CitySpaces will have 144 units and has a grand opening planned for Feb. 10. Studios will start in the $80,000s, and two-bedroom units will be priced in the low $150,000s.
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