CONSTRUCTION UPDATE ON ARCADE BUILDING
December 9, 2014 admin
The project: The Arcade Building, an 18-story building that includes 500,000 square feet at 800 Olive St., downtown, is undergoing a redevelopment that will feature 202 lower-prices apartments and 80 market-rate one- to three-bedroom apartments, as well as artist studio space. Also, Webster University will lease part of the building for classes. The redevelopment effort officially started in August and completion is expected by the end of 2015. The project involves a mix of federal and state historic tax credits and New Markets Tax Credits through U.S. Bank —about $78 million.
Key players: Dominium (owner and developer), Paric (general contractor), Trivers Associates (Webster University's architect), Ebersoldt + Associates Architecture (lead architect) and Beth Stroble, Webster University president.
Why is it transformational Many St. Louis leaders are looking at the Arcade renovation as the lead project in the transformation of the Old Post Office District. Former mayor of St. Louis, and current president and CEO of Grand Center, Vince Schoemehl said the Arcade project will support the arts and education while effectively using a building that many thought to be an eyesore in downtown. The building "will do wonders for the activity in the neighborhood," said Schoemehl, mayor of St. Louis from 1981 to 1993.
Read more at St. Louis Business Journal