None. It has been shopped around for years. The change to how historic state tax credits are awarded for projects larger than 1.1 million basically eliminated all chances of it receiving the 25% credit. You would need a major office tenant in the building to create enough permanent jobs for the project to score high enough to qualify. Without credits it is unlikely, not impossible, that the project gets off the ground.
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Now that this section of Folsom is being transformed with new construction and renovations I can't help but think the factory is not far from being redone.
On LCRA board agenda. Proposal changed to 62 apartments over one floor of commercial. Est cost $24M. Aided by HUD 221 (d)(4) loan.
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It’s actually 3 separate buildings owned by three separate legal entities (well, three different LLCs at least. Willert owns two portions with UIC’s portion sandwiched in between). This is only for the middle section.
Looks like they are getting around to apply for tax credits
| Project Number | 47028 |
| Project | Liggett and Meyers Powerhouse 4100 Park Ave. Saint Louis, MO 63110 |
| Part 1: Received: Status: |
10/06/2023 |
| Part 2: Received: Fee Received: Status: |
|
| Part 3: Received: Fee Received: Status: |
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I wonder if the tax credit is only for the power house (the building with the smoke stacks). UIC owns the building to the west of that.
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Fwiw, there is no actual 4100 Park Ave. So while this references the Powerhouse, it could potentially be any of the connected buildings? To show the differences, see the below snippet of the separate buildings that make up the complex, per the St. Louis Address and Property Information Portal.
4110 Park: Owned by WILLERT CO, is the building with the smoke stacks
4128 Park: Owned by PARK AVENUE TOWERS LLC, with the second owner listed as William D. Willert. Has a residence on the top floor used by the Willerts or whoever they let stay that you can see the light in the window from Folsom sometimes.
4130 Park: Owned by 4140 PARK LLC, which is UIC. This is the section that has been targeted for residential and/or mixed use conversion previously.
4150 Park: Owned by WILLERT HOME PRODUCTS INC.
There have been various discussions over the years from a plethora of different parties with Willert about selling 4128 and/or 4150. But the asking price was high. So my somewhat outdated educated guess is that Willert is looking for tax credits to potentially update their portion at 4110 for more office space and/or expand manufacturing in it.
4110 Park: Owned by WILLERT CO, is the building with the smoke stacks
4128 Park: Owned by PARK AVENUE TOWERS LLC, with the second owner listed as William D. Willert. Has a residence on the top floor used by the Willerts or whoever they let stay that you can see the light in the window from Folsom sometimes.
4130 Park: Owned by 4140 PARK LLC, which is UIC. This is the section that has been targeted for residential and/or mixed use conversion previously.
4150 Park: Owned by WILLERT HOME PRODUCTS INC.
There have been various discussions over the years from a plethora of different parties with Willert about selling 4128 and/or 4150. But the asking price was high. So my somewhat outdated educated guess is that Willert is looking for tax credits to potentially update their portion at 4110 for more office space and/or expand manufacturing in it.
Alive! SLDC Plan Room:
"The project will include 73 apartments. Level 1 provides a leasing office, apartments, bike storage, artist studios, loading dock, conference room, mail, fitness and lounge. Level 2 through Penthouse are apartments. The level 5 features 2 unites with private decks and a small public deck."
https://www.sldcplanroom.com/projects/6 ... renovation
"The project will include 73 apartments. Level 1 provides a leasing office, apartments, bike storage, artist studios, loading dock, conference room, mail, fitness and lounge. Level 2 through Penthouse are apartments. The level 5 features 2 unites with private decks and a small public deck."
https://www.sldcplanroom.com/projects/6 ... renovation
https://www.bizjournals.com/stlouis/new ... louis.html
Former Liggett and Myers Tobacco building at 4140 Park Ave to be turned into 73 apartments and 14 artist studios for $32 million.
The project includes an 80% tax abatement for 10 years, with a sales tax exemption on building materials.
Former Liggett and Myers Tobacco building at 4140 Park Ave to be turned into 73 apartments and 14 artist studios for $32 million.
The project includes an 80% tax abatement for 10 years, with a sales tax exemption on building materials.
On the Aug 20 Board of Adjustment meeting agenda
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For the last few months there has been a dumpster on the Park Ave side that appears to be slowly being filled with debris. The merger of UIC with Bush construction seem to be giving them some momentum again. The recent restart of work on the building at Tower Grove and Folsom has been a very good sign.