ST. LOUIS-The Lawrence Group has received a $7.1-million construction loan to transform the historic South Side National Bank into a new condominium project. The company secured the loan through Southwest Bank, and has begun work to renovate the 79-year-old building into South Side Tower, with 13 condominium units and office space, in a partnership with West End Realty.
The company says that nine of the 13 units have been sold, including the penthouse, which went for $400,000. The third- through eighth-floor condos range in price from $15,900 to $209,900. The tower includes a rooftop deck, secured resident entry in a restored lobby, enclosed resident parking and separate commercial parking.
The 10-story building is listed in the National Register of Historic Places. A spokeswoman for Lawrence says the building will be restored according to historic guidelines in order to qualify for state and federal Historic Rehabilitation Tax Credits. The project will also receive Missouri Brownfield Remediation Tax Credits and TIF funds from the city.
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