urbanSTL

...and it goes to Sherman Associates, LoftWorks.

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St. Louis Business Journal - 4:01 PM CDT Tuesday



Sherman Associates, LoftWorks get nod to develop Syndicate Trust



The city's Land Clearance for Redevelopment Authority (LCRA) unanimously chose Sherman Associates and LoftWorks Tuesday to develop the Syndicate Trust Building downtown following the recommendation of a selection committee.



The committee and the developers have 60 days to come back to the LCRA with a redevelopment agreement for the 450,000-square-foot building at 10th and Olive streets.



Rodney Crim, executive director of St. Louis Development Corp. and a member of the selection committee, said the two main reasons the committee chose the Sherman group was because they could move forward and had the financing to do it without having to pre-sell the condominiums and because of the quality of the project. Sherman's experience on other projects, such as the $77 million redevelopment of a former 1.1 million Sears warehouse in Minneapolis, was also a factor, and LoftWorks' experience with downtown retail played a role.



Minneapolis-based Sherman Associates and St. Louis-based LoftWorks proposed a $69 million development with 91 condominiums, 84 apartments, and 21,000 square feet of retail space. It also includes gallery and work space for artists.



The other two bidders for the project, St. Louis-based Pyramid Cos. and the team of Roberts Brothers Properties and Dominium, were second and third choice, respectively. If the Sherman team doesn't reach an agreement, Pyramid would be the next choice.



The City of St. Louis issued a request for proposals last fall to redevelop the 16-story building, the last major building in the Old Post Office District downtown to be claimed for redevelopment. The asking price on the building is $4.5 million.



The selection committee included representatives from Mayor Francis Slay's, Comptroller Darlene Green's and Board of Aldermen President Jim Shrewsbury's offices; the St. Louis Development Corp.; Downtown Now; the Downtown St. Louis Partnership; and Alderwoman Phyllis Young, whose ward includes the building.



hcole@bizjournals.com

I'm in their heads....nailed this one with my prediction this morning. I agree with matt from slu, the pyramid seemed the best deal, but they want to expedite...What?

Syndicate Trust project goes to Heller, Sherman

By Tavia Evans

Of the Post-Dispatch

04/05/2005



Local developer Craig Heller of LoftWorks LLC and George Sherman of Minnesota-based Sherman Associates have been selected by the city's development arm to resurrect the Syndicate Trust Building downtown.



Heller and Sherman have proposed converting the building into 91 condominiums and 84 apartment units. The $68 million project also will include about 21,000 square feet of retail on the first floor, in addition to a theater, business center and gallery space for artists. U.S. Bank will provide the financing.



A selection committee of the city's Land Clearance Reutilization Authority recommended the two firms Tuesday during a public meeting.



Built in 1907, the Syndicate Trust, 10th and Olive streets, is listed on the National Register of Historic Places. It was once home to the Scruggs-Vandervoort-Barney department store.



Rodney Crim, executive director of the St. Louis Development Corp., said the firms' financial backing and innovative projects already under way made them a first choice to restore the historic building.



"Their project had no pre-sale requirements, and the financial capacity of the two firms combined was significant," Crim said. "We were attracted to their ability to do it without those contingencies."



Three groups of developers, including two out-of-town firms, presented their redevelopment plans to the city before the Jan. 13 deadline.



The selection committee gave second and third rankings to proposals submitted by Pyramid Construction and Roberts Cos., partnering with Minneapolis-based Dominium Inc., respectively.



Heller said he got the call around 4 p.m. Tuesday, that his proposal had been chosen.



"This is literally right in our backyard," said Heller. "Our goal is to not just to redevelop the building, but turn it into a real city landmark."



Heller opened City Grocer in October, across the street from the Syndicate Trust. His firm also has developed the 10th Street Lofts, Bell Lofts, Louderman Lofts, Printers Lofts and the 315 Lofts.



Sherman Associates already has a record of historic conversion and mixed-use projects under its belt. The firm is working to convert a former Sears building and retail complex in the Midwest Exchange building in the heart of Minneapolis. The $190 million project includes turning the group of historic buildings into apartments, condos, office space and a global market.



The SLDC has 60 days to negotiate a redevelopment agreement with Heller and Sherman - which could include ironing out details of tax increment financing - and report back to the LCRA's board. If an agreement can't be reached, the project could be passed to the second- or third-ranked developers.



Pyramid, one of the most visible builders downtown, proposed 175 condominiums and 78 loft rental apartments above three floors of office space and retail space, at an estimated $80 million.



Roberts Cos. and Dominium proposed building 240 units - 94 condominiums, 65 artist lofts and 81 luxury rental apartments and street-level retail, with a price tag of about $77 million.



Reporter Tavia Evans

E-mail: tevans@post-dispatch.com

Phone: 314-340-8159

A theater?! Oooh, nice. I wonder what kind. It's nice that they're adding more artist galleries too. I would love to show my work at home, if people are open to displaying it.

website.

http://syndicateliving.com/

Syndicate Trust rehab gets new price tag

By Tavia Evans

ST. LOUIS POST-DISPATCH

02/01/2006



Twice saved from the wrecking ball, the historic Syndicate Trust Building in downtown St. Louis will be renovated starting in March, but the cost of the work has gone up since developers were awarded the site last April.



It will cost $81.6 million to convert the old office building into residences, up from $68 million in the firm's original proposal to the St. Louis Development Corp.



The project will use a mix of financing, including state and federal historic-tax credits, tax-increment financing and state brown-field credits.



Craig Heller of LoftWorks LLC said he'll close on the property this month with the St. Louis Development Corp. Heller, who has developed the Printers Lofts, 1611 Locust Street, is partnering with Minnesota-based Sherman Associates Inc. on the project.



In Minneapolis, Sherman Associates is turning a historic Sears warehouse, with 1 million square feet, into condominiums and retail space. The firm specializes in urban redevelopment and in recent years it has focused on entering the Midwest market, with new projects in Milwaukee, Des Moines, Iowa, and Kansas City.



The Syndicate Trust Building is Sherman Associates' first redevelopment in St. Louis.



Built in 1907, the Syndicate Trust, 915 Olive Street, is listed on the National Register of Historic Places and was once home to the Scruggs-Vandervoort-Barney department store. It shared the block with the 108-year-old Century Building, which, despite protests, was demolished last summer to make way for a parking garage.



Heller and Sherman Associates have said they are anticipating financing from National City Bank and US Bank. The project will include $7.6 million in federal historic-tax credits and $15.5 million in state historic-tax credits. Tax-increment financing will provide another $8.2 million.



With just under half a million square feet, the redeveloped Syndicate Trust will become one of the largest residential buildings in downtown St. Louis. Half a block away, the Old Post Office District is undergoing a $45 million makeover for commercial and office tenants.



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