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OFFERING
Cassidy Turley is pleased to offer for sale, on behalf of the Property Ownership, the 100% fee simple interest in the Butler Brothers building located at 1717 Olive Street, St. Louis, MO. The building is a premier multi-family loft redevelopment opportunity positioned in the heart of St. Louis Loft District. As-is, the building totals 718,660 square feet and consists of 8 stories with the rst 3-stories serving as a parking garage and approvals for an additional two story penthouse of approximately 71,277 square feet. A preliminary redevelopment plan includes 342 multifamily units with 397 garage parking spaces and two retail spaces. The property is listed in the National Register of Historic Places and is presently approved for State and Federal Historic Tax Credits to support redevelopment costs.
INVESTMENT HIGHLIGHTS
Strong Multi-Family Market Since 2000, the downtown market has added 4,100 units and population has increased by 180%. Even with signicant inventory increases, the vacancy rate has maintained around 10% with the core submarkets around 5% vacancy. The vast majority of inventory completions have been historic building renovations into loft apartments for market and affordable rate multifamily properties Redevelopment Opportunity The subject property presents an excellent opportunity to acquire one of the last, large historic buildings located downtown and to redevelop the property into residential.
PROpERTY HIGHLIGHTS
Address: Building Area:
1717 Olive St., St. Louis, Missouri 63103 718,660 SF Vacant 2.10 acres (91,368 SF) 1906 200 parking garage spaces
Existing Work Completed Existing ownership has completed some of interior work on the property to make it ready for renovation and restoration. Full City Block 1717 Olive presents the opportunity for an investor to own an entire city block in the heart of the Downtown, St. Louis redevelopment. Ample Parking The building features existing garage parking and has the ability to add more parking with the redevelopment, an important competitive advantage for residential projects in downtown St. Louis. Seller Financing The seller is wiling to offer market rate acquisition nancing to a qualied buyer.
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The information contained herein was obtained from sources we consider reliable. We cannot be responsible, however, for errors, omissions, prior sales, withdrawal from the market or change in price. Seller and broker make no representation as to the environmental condition of the property and recommend purchasers independent investigation.
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Michael P. Hanrahan
Paul M. Hilton
7700 Forsyth Blvd, 9th Floor, St. Louis, MO 63105 T 314.862.7100 / F 314.862.1648 / www.cassidyturley.com