Post Dispatch will have a more detailed story, they actually got to interview the new owner and his plans for the building
I look forward to it.dbInSouthCity wrote: ↑Oct 27, 2025Post Dispatch will have a more detailed story, they actually got to interview the new owner and his plans for the building
Redevelopment was over $100 million. That includes parking garage construction. A sale for half that does not seem great.
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It is a fair price given current rents and that the building is occupied. It’s certainly not a premium sale price but until STL stops going viral for the $4M abandoned skyscrape I don’t know that anything will sell at a premium.
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It was $107m all in including a $21m tif and 14 years of rents and commercials space rents. So a pretty fair deal
Building does have 3 bed units (all are leased hence why not mentioned in the BJ piece) and those run from $3500-4500. Some 2 floor 2 bed 3 bathrooms are $2750. New owner is open to combining a 2 bed 3 bath with a 3 bed 4 bath that we are considering doing. It would be 4,200 sf inside and 1,800 sq out outdoor space
Building does have 3 bed units (all are leased hence why not mentioned in the BJ piece) and those run from $3500-4500. Some 2 floor 2 bed 3 bathrooms are $2750. New owner is open to combining a 2 bed 3 bath with a 3 bed 4 bath that we are considering doing. It would be 4,200 sf inside and 1,800 sq out outdoor space
I'm sure it had/has property tax abatement and historic tax credits as well.dbInSouthCity wrote: ↑Oct 28, 2025It was $107m all in including a $21m tif and 14 years of rents and commercials space rents. So a pretty fair deal
Building does have 3 bed units (all are leased hence why not mentioned in the BJ piece) and those run from $3500-4500. Some 2 floor 2 bed 3 bathrooms are $2750. New owner is open to combining a 2 bed 3 bath with a 3 bed 4 bath that we are considering doing. It would be 4,200 sf inside and 1,800 sq out outdoor space
You can't combine tax-abatement and TIF since 50% of the real estate tax goes toward paying the TIF bonds, but they did use both State and Federal Historic Tax-Credits.Auggie wrote: ↑Oct 28, 2025I'm sure it had/has property tax abatement and historic tax credits as well.dbInSouthCity wrote: ↑Oct 28, 2025It was $107m all in including a $21m tif and 14 years of rents and commercials space rents. So a pretty fair deal
Building does have 3 bed units (all are leased hence why not mentioned in the BJ piece) and those run from $3500-4500. Some 2 floor 2 bed 3 bathrooms are $2750. New owner is open to combining a 2 bed 3 bath with a 3 bed 4 bath that we are considering doing. It would be 4,200 sf inside and 1,800 sq out outdoor space
Ah that makes sense.MattnSTL wrote: ↑Oct 29, 2025You can't combine tax-abatement and TIF since 50% of the real estate tax goes toward paying the TIF bonds, but they did use both State and Federal Historic Tax-Credits.Auggie wrote: ↑Oct 28, 2025I'm sure it had/has property tax abatement and historic tax credits as well.dbInSouthCity wrote: ↑Oct 28, 2025It was $107m all in including a $21m tif and 14 years of rents and commercials space rents. So a pretty fair deal
Building does have 3 bed units (all are leased hence why not mentioned in the BJ piece) and those run from $3500-4500. Some 2 floor 2 bed 3 bathrooms are $2750. New owner is open to combining a 2 bed 3 bath with a 3 bed 4 bath that we are considering doing. It would be 4,200 sf inside and 1,800 sq out outdoor space
You can , but of course the tax abatement cuts into how big the TIF could be. That was the plan for The Bridge. A TIF can take up to 100% of the new property taxes and up to 50% of sales and other taxes.
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^ I believe Armory and Foundry are two others granted both TIF and tax abatement. That practice likely makes less sense for developers of residential-heavy projects that don't expect to generate significant sales and earnings taxes that would pay off the TIF. I can't remember how much commercial use the Bridge is/was supposed to have ; but that developer also was complaining the city wouldn't back the bonds... good grief. (City learned the hard way not to do that after the city-backed TIF for the Wal-Mart TIF went south.)
^ I believe Armory and Foundry are two others granted both TIF and tax abatement. That practice likely makes less sense for developers of residential-heavy projects that don't expect to generate significant sales and earnings taxes that would pay off the TIF. I can't remember how much commercial use the Bridge is/was supposed to have ; but that developer also was complaining the city wouldn't back the bonds... good grief. (City learned the hard way not to do that after the city-backed TIF for the Wal-Mart went south.)
Is Park Pacific entirely market rate, or do they still have some of the income-restricted units like so many of the Wash Ave rehabs had (connected to historic tax credits, I believe)?
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^ I believe Park Pacific has always been all market rate. Federal & State Historic Tax Credits (HTCs) definitely were used for the downtown historic rehabs but those don't come with income restrictions. That's LIHTC (Low-Income Housing Tax Credits), which had been commonly used as well to rehab many of those buildings. Lots of layering of different credits, etc. to get them over the hump.
I believe the Arcade Building and the old tobacco building by Union Station and City Stadium rehabbed around a decade ago were the last ones downtown to get LIHTC awards.
I believe the Arcade Building and the old tobacco building by Union Station and City Stadium rehabbed around a decade ago were the last ones downtown to get LIHTC awards.
Lofts at Hupp was LIHTC and finished 4 years agoSTLrainbow wrote: ↑Oct 29, 2025^ I believe Park Pacific has always been all market rate. Federal & State Historic Tax Credits (HTCs) definitely were used for the downtown historic rehabs but those don't come with income restrictions. That's LIHTC (Low-Income Housing Tax Credits), which had been commonly used as well to rehab many of those buildings. Lots of layering of different credits, etc. to get them over the hump.
I believe the Arcade Building and the old tobacco building by Union Station and City Stadium rehabbed around a decade ago were the last ones downtown to get LIHTC awards.
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Entirely market rate from $1100-4,500framer wrote: ↑Oct 29, 2025Is Park Pacific entirely market rate, or do they still have some of the income-restricted units like so many of the Wash Ave rehabs had (connected to historic tax credits, I believe)?
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^^ bc, good to know about the Lofts at HUPP having LIHTC. I can't find any documentation on that one; do you have more info?
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A minor railroader grouse: Park Pacific was the Missouri Pacific building. UP bought MoP in the 80s, so maybe they changed it, but the terra cotta casting over the door still says Missouri Pacific today. (With a glorious locomotive, and some heroic looking railroaders cast in above that.) Anyway, good luck to Park Pacific filling the space. If I could pick any apartment building downtown to live in, it'd probably be that one. (Unless maybe one of these days the Railway Exchange ends up as apartments, in which case it might be nice to lease Wabash's old space.)
I thought it was but just went looking and could not find anything either, I must have confused it with another building. I thought the Leather Trades building was also but that was completed over a decade ago.STLrainbow wrote: ↑Oct 29, 2025^^ bc, good to know about the Lofts at HUPP having LIHTC. I can't find any documentation on that one; do you have more info?
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^ thanks, bc. And yeah, there were so many it's hard to keep track. RISE had a LIHTC map some years ago that was helpful but not around any longer, but I think you're right about Leather Trades being one. Another that had LIHTC was Art Loft; that one unfortunately was picked up by Lux Living after its affordabliity requirements lapsed. They just put that one up on the market, so hopefully it gets into good hands. Seems like Oliver Properties has been doing a pretty good job with acquiring some of these warehouses like Merchandise Mart that were rehabbed 20+ years ago but need a refresh and better management.
Jeez . . . Twenty years. Seems like yesterday.
I owned a small business down on Wash Ave right when the loft conversion craze was at its peak. Every couple of months a new building would open. Fun times.
I owned a small business down on Wash Ave right when the loft conversion craze was at its peak. Every couple of months a new building would open. Fun times.
I've been meaning to update the thread title to correct that. Thanks for the kick in the butt.symphonicpoet wrote: ↑Oct 30, 2025A minor railroader grouse: Park Pacific was the Missouri Pacific building. UP bought MoP in the 80s, so maybe they changed it, but the terra cotta casting over the door still says Missouri Pacific today. (With a glorious locomotive, and some heroic looking railroaders cast in above that.)
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Thanks. You kick butt, Matt. Thanks for all you do.MattnSTL wrote: ↑Oct 31, 2025I've been meaning to update the thread title to correct that. Thanks for the kick in the butt.symphonicpoet wrote: ↑Oct 30, 2025A minor railroader grouse: Park Pacific was the Missouri Pacific building. UP bought MoP in the 80s, so maybe they changed it, but the terra cotta casting over the door still says Missouri Pacific today. (With a glorious locomotive, and some heroic looking railroaders cast in above that.)
It was a massive redevelopment with tax incentives to help out. They have also been collecting a very large amount of rent for the last 20 years, so not it going for lower than the redevelopment cost doesn't actually mean the investor is losing money. I would bet they profited handsomely from this sale when you factor in the cash flow they have been getting for 20 years.NHampton wrote: ↑Oct 28, 2025Redevelopment was over $100 million. That includes parking garage construction. A sale for half that does not seem great.
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