ARCADE RENOVATION SECURES $77 MILLION IN FINANCING

August 11, 2014 admin

U.S. Bank closed on $77 million in tax-credit financing with developer Dominium to renovate the Arcade Building downtown.

The renovation, at 800 Olive St., will include 202 lower-priced and 80 market-rate, one- to three-bedroom apartments. The Arcade also will have 13,000 square feet of artist studio space. Its first two floors and mezzanine of 55,000 square feet will be leased to Webster University for classes, a 170-seat auditorium, community kitchen and an art gallery, expanding the school’s campus downtown to 85,000 square feet from 33,000 square feet, including its space in the Old Post Office.

“Tremendous persistence, commitment and a deep desire to support the emergence of downtown St. Louis as an arts and innovation community kept our team motivated to make this development come to fruition,” Zack Boyers, chairman and chief executive officer of U.S. Bancorp Community Development Corp., said inannouncing the deal.