New downtown lofts stay 'true'
By Tavia Evans
Of the Post-Dispatch
05/31/2005
Developer Andy Hillin says "true loft spaces" - spacious floor plans, high ceilings and open ductwork - are in the works for his newest property, 1635 Washington Avenue.
Hillin bought the building Tuesday from developer David Jump, who owns a handful of properties along the street. Hillin declined to say how much he paid.
At 1635 Washington, 96 residential condominiums are planned; units will range from 1,000 to 1,500 square feet. Upgrades will offer buyers the option of creating an office or an extra bedroom from parts of a larger living space.
"It's a slightly different approach, as the cost of buildings and acquisitions goes up," said Vince Ebersoldt, project architect for Rosemann & Associates, which will design the units.
"It allows the buyer to really personalize it, so if people want a true loft or want to have several bedrooms, they can have it," he said. "Developers are saying, 'Let's leave the upgrades up to the owner and let them buy it,' to keep base costs down."
Paric Construction will build the units. U.S. Bank will provide financing for the $25 million development, including a $14.5 million construction loan and a bridge loan until the project is approved for state historic tax credits. Hillin said he has applied for $4.2 million in state historic tax credits as well as tax increment financing from the city.
Built in 1918, the building once housed Central Shoe Co.
Units will list from $150,000 for one bedroom to $225,000 for larger, corner condos. Most units will include balconies; a rooftop pool and clubhouse will be added. The building also will have 99 parking spaces in the basement, ground floor and mezzanine levels.
"This new building complements other projects (Hillin is) doing on the street, and he's been on the forefront of getting stuff done on Washington Avenue," said Walker Gaffney, assistant vice president at U.S. Bank Community Development Corp.
Hillin partnered with developer John Carroll and McGowan Brothers Development to renovate the Rudman Building, 1228 Washington. He also completed the Garment Row Lofts, 1312 Washington, and is working on the Window Lofts, 1601 Washington.
Farther west beyond the loft district, Hillin is partnering with McGowan & Walsh LLC to turn the former Guth Lighting complex of five buildings into 60 rental apartments.
Apartments will vary from 800 to 1,200 square feet. Inside, a full-size gym is planned.
Hillin's firm, Jacob Development, and McGowan & Walsh co-own the property. For now, the building is being called the George E. Walsh Building, named for the father of Nat Walsh, a partner in the firm.
Financing for the renovation, projected at $20 million, has yet to be worked out, Hillin said.
The apartments will be aimed toward young professionals and students, because of the proximity to St. Louis University.
"We're pushing the area with one of the first projects on the other side of Jefferson (Avenue), and it lays out perfect for rental units," he said. "It's farther west and not in the core of loft development. I think we can create a community for the old Guth buildings."
Reporter Tavia Evans
E-mail:
tevans@post-dispatch.com
Phone: 314-340-8159
