Jefferson Arms Apartments - 415 North Tucker Blvd

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
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February 17, 2006

<A HREF="">Pyramid seeks TIFs for downtown development</A>

Lisa R. Brown

Pyramid Construction is requesting $8.75 million in TIF for the redevelopment of the 529-unit Jefferson Arms Apartments building at Tucker Boulevard and St. Charles Street. Steffen has the apartment building under contract from Barry Cohen. Once completed, the $41 million redevelopment project will have 163 senior apartments and 196 market-rate apartments.

<A HREF="">$8.7 million tax incentive sought for Jefferson Arms</A>

By Tavia Evans



Pyramid Cos. President John Steffen called the Jefferson Arms apartments "a significantly blighted structure" Wednesday and asked city commissioners for an $8.7 million tax incentive to redevelop the building.

<A HREF="">>>> read more</A>

Anyone know if the building will be worked on soon? I know that all of the former tenants had to leave, and I saw them removing old appliances about 4-6 months ago. They were supposed to turn these into nice apartments, and maybe open (reopen?) a movie theater.

They've already done some demo and had a big auction/sale of all interior fixtures and other items left from the purchase on the building. I'm sure we'll see some more activity as the final tax credits are approved.

Apperently a developer is interested in this building, but it has a long way to go.

The Business Journal is reporting that Sherman Associates - Loftworks' partner on the Syndicate - is taking over the project and will renovate the building as rental apartments.

^ Since I haven't seen the STLBJ yet, was there any information about potential ground floor tenants? I really liked the idea of a movie theater there, and I thought the location would be great, but I figured it was a longshot given the delays (and now, a change of hands).

At any rate, hopefully we'll see progress soon. If this project is done right, more rentals wouldn't necessarily be a bad thing, but I'd like to know what nearby downtown residents think as well, along with more details about the project.


The article was pretty vague. Here's an important nugget though:

A closing date is set for next year, contingent on Sherman Associates’ ability to secure a tax-exempt bond allocation from the state of Missouri to finance the project.

I thought the movie theater idea was a great one - hopefully, Sherman will adopt some of Pyramid's original plans.

No more clothing boutiques, please. And movie theaters aren't profitable nowadays. Service businesses are always welcome. Most downtown residents don't care if the building is rental or condo, just as long as it brings in more people.

STLCityRes wrote:
And movie theaters aren't profitable nowadays.

I guess someone forgot to tell Ron Krueger.

They are already doing architectural work as well. The building has been thoroughly scoped out. I beleive Sherman will be able to get this done.

ok, stupid question and I apologize, is this the building with the awning that says "The New JA"?


Will these apartments be accessible to the 30 thousand dollar millionaire?

Looks like Sherman is good to go on the Tax Credits - staff recommendations from MHDC posted today: Should be approved by the commission (4% really isn't competitive). So there will be a Senior apt. component, too.

I can live with that arrangement, combining regular residential and senior living. More life in Downtown (even if some of it is short-term negligible).

Plus, for what they've done with the Syndicate, I'm very glad to see Sherman back playing with Downtown StL. How they'll secure the stronger funding in this market, I don't dare guess, but I don't think they'd seek it out unless they're secure on it. Who knows if it will have the movie theater addition possible now, but I'm glad it's something. My hope that they can announce soon and respark development efforts.

Gone Corporate wrote:
I can live with that arrangement, combining regular residential and senior living. More life in Downtown (even if some of it is short-term negligible).

ouch.. true, but cold.

According to Tim Bryant, the Jefferson Arms is going to be sold at foreclosure August 10: ... reclosure/

well, damnit.

Citicorp now owns it and is looking for a developer.

Vandiver said Citicorp is in talks with developers to buy the apartment building. Among them is Sherman Associates, based in Minneapolis, which took part in the renovation of the Syndicate Trust building downtown as apartments and condos.


Vandiver said Citicorp hopes to find a buyer, noting that roof repairs at Jefferson Arms are nearly complete. ... enDocument

Glad it's safe.
Not much of an update... here is some more recent news on the Jefferson Arms. ... the-block/
The good news: The Jefferson Arms has a buyer.
The bad news: It's David Jump

Don't see why that's bad news. He'll either do something with it or sell to someone who will.
^ Agreed. Can't blame him for being smart, and if I understand the history, Jump didn't sit on buildings for years.