urbanSTL

Auggie wrote: ↑

Nov 11, 2025

https://www.stltoday.com/news/local/bus ... -top-story

Finally got the P-D article on this building's sale.

Plans for the building include adding retail tenants, cosmetic improvements, and garage security improvements.

The building is 68% occupied, which is well below downtown's average residential occupancy of 85%.

• GCP Pacific LLC acquired Park Pacific building for $56.73 million.
• Residential occupancy increased 4% since October, targeting 100% next year.
• New owner plans security upgrades and retail additions including bagel shop.

"Weisman is also interested in the former municipal courts building at 1320 Market St., which he has toured. He said the "gorgeous" structure requires significant work, but its bones have held up well over the years. Built in 1911, the 160,000-square-foot building closed in 2001.



Weisman said a redevelopment of the property would be economically complicated, but investments in making the surrounding parks and properties a destination could make it feasible. Redevelopment costs would vary significantly depending on the building's use, but Weisman estimated it would cost a minimum of $500 per square foot.
"If we can change the feeling of the central pocket between the stadiums and the convention center downtown, then all sorts of economic opportunities open up for the municipal court building," Weisman said.

Weisman said he wouldn't have acquired the building two years ago, but positive changes he saw happening downtown, like a drop in crime, made him confident in its ability to succeed. He said downtown has a lot of positive momentum, and believes people are starting to support the idea that the neighborhood is important for the entire city.

Weisman said a bagel shop could be moving in soon, and negotiations are underway with possible restaurant tenants to fill space along Tucker Boulevard. He views retail as a community amenity, and such a critical one that he said he's more interested in bringing retail tenants into the building than he is making a profit on the leases.