Marquette Building is centerpiece of renovation

By Tavia Evans

Of the Post-Dispatch

04/14/2005



New housing under development in the Marquette Building downtown will offer panoramic views of the city, including a flurry of other construction work in the surrounding neighborhood.



About $170 million in development is planned or under way for the central financial district, in an area roughly bounded by Washington Avenue, Fourth Street, Pine Street and Broadway. The projects include $15 million in renovation to the Security Building, 319 Fourth Street; $80 million at the St. Louis Federal Reserve Bank, 411 Locust Street; and $20 million at the Merchants-Laclede Building, 408 Olive, which houses the new Hilton Inn.



At the 93-year-old Marquette, 82 condominiums and 40 apartments are planned, along with about 25,000 square feet of retail space on the first floor. The Lawrence Group, a St. Louis-based architectural and design firm, is developing the $53 million project.



The YMCA, a longtime tenant, will stay in the building.



Instead of lofts, the Lawrence Group opted for more traditional condos for the former office building.



"This wasn't a warehouse where you have high ceilings and columns to work around," said President Stephen Smith. "Lofts have been the pioneer in downtown housing in St. Louis, but we think downtown is ready for classic residential, a different product offered for people who want to move here."



About $15 million to $20 million in historic tax credits will be used to redevelop the property, secured by Northmarq Capital Inc. Alberici Constructors Inc. is doing much of the work.



Inside, Lawrence Group will add its own design effects, such as curved, gallery-style walls in the Saarinen model, a layout named for Eero Saarinen, who designed the Gateway Arch.



Carerra marble throughout the building will be restored, too. Construction crews found some of it hidden under layers of wallpaper around elevators on each floor.



There also are plans to build a bridge walkway between the Marquette and a new parking garage that opens onto Olive Street.



A group of principals at the Lawrence Group bought the 19-story property in 2004 for $4.9 million, after some ownership shuffling between New York-based Tahl-Propp Equities and the YMCA, the main tenant for several years.



The units are priced from $169,000 to $392,000. Since an open house April 7, Smith said 32 units have been presold or reserved.



A block north, the St. Louis Federal Reserve Bank will tear down its old parking garage and build a new five-story annex on the north side of its property. The $80 million project also includes permanently closing Locust Street to traffic between Fourth and Broadway and creating a pedestrian parkway. A bullet-proof vestibule entrance will be the new front door for the bank on Locust Street.



Spokesman Joe Elsner said much of the work has been driven by post 9-11 security issues. With the improvements, visitors can be screened before they enter the Federal Reserve building, he said, and the pedestrian parkway will limit the building's exposure to street traffic.



The Security Building, 319 Fourth Street, also is owned by the Lawrence Group. The 115-year-old Security, which is on the National Register of Historic Buildings, is undergoing about $15 million in renovations. About $3 million in tax credits, also secured by Northmarq Capital, are being used to help restore it.



The renovation includes updates to offices in the 125,000-square-foot building, along with new elevators and a multimedia conference room.



Charles Drury Sr. of Drury Development, who has a penchant for turning historic buildings into hotels, has revived the nearby Merchants-Laclede building. Built in 1889, the old fur trading exchange is now home to the Hilton Inn - after a $20 million makeover.



Most of the 10-story building was gutted to create the 200-room hotel. Much of the Old World marble near the revolving doors at the Olive Street entrance was saved. Chrome-plated bank-vault doors now lead to the hotel's business center and gift shop.



U.S. Bank was the lender on the project. Drury said his company is applying for historic tax credits.



Barbara Geisman, St. Louis deputy mayor for development, said the new projects could translate into broader appeal for the market downtown. "The wider variety of products we have to offer downtown, the more we can appeal to residents and businesses that want to come back."



Reporter Tavia Evans

E-mail: tevans@post-dispatch.com

Phone: 314-340-8159