Downtown West: 2035 Lucas Ave. and 2030 Delmar Blvd.

Renovations and new residential construction in downtown St. Louis, Washington Avenue, the Old Post Office, etc.
http://www.bizjournals.com/stlouis/news ... ml?ana=twt

A New York City firm plans to put $14.2 million into a redo of two buildings on the western edge of downtown St. Louis.
Millennial Realty Group plans to acquire 2035 Lucas Ave. and 2030 Delmar Blvd. for nearly $2 million, said Adam Cohen, of Millennial. The transaction, he said, should close by mid-August, with the project being completed by July 2016. St. Louis Braid Co., whose president is Thomas Goltermann according to filings with the Missouri secretary of state’s office, currently owns 2035 Lucas Ave. 2030 Delmar LLC, whose manager is Joseph Robbins according to state records, currently owns 2030 Delmar Blvd.

The redevelopment calls for 57 one-bedroom units and 29 two-bedroom units, according to documents from Saint Louis Development Corp. (SLDC).

The project would have 1,800 square feet of commercial space and 95 parking spaces.

Millennial Realty Group would use state historic tax credits, private equity and bank loans for the project, according to SLDC.
A bill making its way through the St. Louis Board of Aldermen would designate the area that incorporates the buildings as “blighted” and provide for an up to 20-year real estate tax abatement. That would not include fees paid to special taxing districts.
City records show that in 2014, the owner of 2035 Lucas Ave. paid real estate taxes of $18,980, and special business district taxes of $1,554. Also last year, the owner of 2030 Delmar Blvd. failed to pay $13,001 in real estate taxes and has a total unpaid balance from 2012 through 2014 of $47,571. 2030 Delmar Blvd.’s special business district taxes totaled $1,064 in 2014.

A nearby building, at 2000 Washington Ave., is slated to get five apartments and commercial space in a $650,000 renovation.
Sovereign Partners, another New York developer, is planning 57 apartments with 2,000 square feet of commercial space at 1701 Locust St., about a half-mile southeast of the development at Delmar Boulevard and Lucas Avenue.
^ we should make a new thread called "Downtown West, picking up steam", I personally like the architecture in Downtown West better. The area has great potential to become a cohesive mixed use district.
Agree. I would like to see some modern construction on the open lots.
Appears to be market rate oriented with apparently no LIHTCs sought... hopefully 2035 Lucas finally gets over the hump as the prior plan fell through and Saint Louis Braid moves elsewhere in the city. The Delmar building also has come office tenants who hopefully will relocate close by as well.

Looks like the next step for this part of Downtown West is infill as pretty much everything will have been rehabbed.
roger wyoming II wrote:
Appears to be market rate oriented with apparently no LIHTCs sought... hopefully 2035 Lucas finally gets over the hump as the prior plan fell through and Saint Louis Braid moves elsewhere in the city. The Delmar building also has come office tenants who hopefully will relocate close by as well.

Looks like the next step for this part of Downtown West is infill as pretty much everything will have been rehabbed.


Last I checked, the Delmar building was vacant. Pretty sure there are no office tenants there.
^ thanks... looks like the law firm that I believe anchored the place has relocated to the San Francisco Building.