Kevin Kloster, president and chief executive officer of Conrad Properties, says the building's architectural character and a mid-size floorplates make the property ideal to the CBD submarket. He notes that the site is within two blocks of Busch Stadium, across the street from the Eagelton Federal Building, two blocks from City Hall, three blocks of Savvis Center and two blocks of a MetroLink station. "The property will contribute to a growing destination district," he says.

Kloster says the street level space, which includes a rear, open-air courtyard, is being presented to various restaurateurs. Also available is 11,000 sf of office space on the second floor.

Built in 1897 and vacant since 1986, the building has a two-foot-thick brick foundation, 16-inch square structural support timbers and 15-foot floor heights. "The building is a remarkably sound structure that fortunately for us, has never experienced a major renovation," Kloster says. "Areas that have been sandblasted and restored look like new." The original hardwood floor will be refurbished and remain in the main lobby, while interior brick walls and wood ceiling timbers will remain exposed.

Renovation plans also call for the installation of two passenger elevators, updated stairways, a new basement floor and electrical, plumbing, HVAC and IT systems. The building will also have a "cool" roof, which LEED certified. Amenities that are being added to the structure include a 2,400-sf rooftop penthouse, a basement banquet room and an 80-space on-site parking lot.

The Lawrence Group is serving as project architect and interior designer, while Enterprise Bank & Trust and U.S. Bank will provide the majority of the financing. Conrad has also requested $5 million in New Markets Tax Credits for the redevelopment. This is the developer's second mixed-use historic rehabilitation project in the City of St. Louis. In 2003, it opened M Lofts, a $9-million transformation of the former International Shoe Co. factory in Lafayette Square.

Instant Insights /

Developer Pumps $18M-Plus in Downtown Rehab

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