One of downtown St. Louis’ most recognizable mixed-use buildings, Park Pacific Apartments, has been sold for $56.73 million, signaling continued investor confidence in the city’s central corridor.

The 450,000 SF property at 1226 Olive St. was purchased Oct. 12 by GCP Pacific LLC from Park Pacific Leasing LLC, an entity tied to developer New + Found, which originally redeveloped the structure over a decade ago. The sale marks another milestone for the landmark building that helped anchor downtown’s residential resurgence.

Originally constructed in the 1920s as the Missouri Pacific Railroad headquarters, the 22-story Art Deco tower was transformed after decades of vacancy into a mixed-use hub featuring about 230 market-rate apartments, 31,000 SF of retail, 88,000 SF of office space, and a seven-story parking garage. Its historic boardrooms and walnut-paneled offices were preserved during the conversion, maintaining the building’s architectural character.

The $109 million redevelopment, completed by PARIC Construction and designed by The Lawrence Group, received state and federal historic tax credits and a city tax-increment financing package to support restoration efforts. Those public incentives continue to tie the project to downtown’s broader revitalization goals.

The property’s location — just off Tucker Boulevard near Washington Avenue — places residents and businesses within walking distance of restaurants, offices, and major entertainment venues. Its proximity and amenities have made it one of downtown’s most desirable addresses.

GCP Pacific LLC has not publicly disclosed future plans, but new ownership typically precedes operational or amenity upgrades. Potential enhancements to fitness facilities, common spaces, or retail offerings could follow as ownership evaluates opportunities to reposition the asset for evolving market demand.

The transaction reinforces investor confidence in St. Louis’ urban core, where several large historic redevelopment projects continue to attract capital. Park Pacific remains a bellwether property for downtown, blending preservation with modern living — and now entering a new chapter under fresh ownership.

Header image: The Park Pacific Apartments located in Downtown St. Louis sell to GCP Pacific LLC for $56.73 million. Photo | .New+ Found

For more than a decade, the Riverpointe development along the Missouri River in St. Charles lay largely dormant, despite early enthusiasm for its promising vision. Envisioned as a sweeping, mixed-use waterfront transformation spanning approximately 82 to 120 acres between Interstate 70 and Main Street, the project was drafted by Lamar Johnson Collaborative, which conceived a vibrant plan featuring a lake spanning 30 to 40 acres, office and residential towers, a hotel, riverfront retail and dining, a central plaza, landscaped townhomes, and a pedestrian bridge connecting to Bangert Island, all knit together by a rebuilt Katy Trail and an active Riverwalk promenade.

In early phases, CRG, Clayco’s development division, assumed the lead for multiple phases, advancing critical infrastructure work such as grading, filling, utility extensions, new roads, sidewalks, and trail elevations above the 500-year floodplain—ensuring the land is prepared for future construction.

The city, in coordination with the Army Corps of Engineers, addressed flood concerns by elevating more than 100 acres, relocating roadways, creating roundabouts, and enabling the project to move forward on firm ground.

Still, development stalled. Fragmented land ownership, lingering regulatory caution, and financing hurdles have slowed vertical construction. However, early progress, including the opening of Chicken N Pickle —a signature entertainment venue combining pickleball courts, dining, and social space—demonstrates the potential for Riverpointe to thrive.

*Above: A conceptual rendering of the walkable shopping areas at the mixed-use* ***Riverpointe*** *development in* ***St. Charles, Mo****. Image | Lamar Johnson Collaborative*

Now, renewed momentum is on the horizon. The city reports that two hotels are confirmed for construction within the Riverpointe district, injecting fresh confidence into the project’s future—particularly because lodging is central to transforming the area into a full-service destination that supports diners, shoppers, and even possible corporate tenants. Though developers and branding have not yet been announced, hotel construction signals that the site’s long-dormant potential may finally be unlocked.

Underpinning this revitalization is a solid design and technical foundation. Lamar Johnson Collaborative remains the principal planner and designer of the master vision—crafting a walkable, active main street, public plazas, and integrated green space that revitalizes the riverfront.

Clayco continues to serve as construction manager, alongside CRG as developer, ensuring continuity from master planning through physical delivery. The city itself remains a committed partner, having cleared ownership barriers, working on flood mitigation, and facilitating infrastructure necessary to support the burgeoning district.

The impact of the hotels advancing beyond planning is significant. Lodging is both a destination generator and a catalyst for commercial and residential activity—drawing visitors, stimulating retail and food service, and encouraging new residential interest. This, in turn, makes the ambitious goals of Riverpointe—4,000 new jobs, an estimated $1.5 billion in economic activity, and an influx of roughly 1 million annual visitors—much more achievable.

With foundational elements in place—flood mitigation, reimagined road and trail systems, phased infrastructure, and adaptive design—and now hospitality anchors confirmed, Riverpointe is poised to reemerge as a lively waterfront neighborhood that connects nightlife, commerce, and nature. As designers and contractors refine the details and cranes return to the skyline, Riverpointe could be set to deliver on its long-held promise: a vibrant riverfront destination rooted in thoughtful urbanism, thoughtful design, and collaborative execution.

Header image: The long awaited Riverpointe development just off I-70 in St. Charles, Mo. may have life once again. Image | Lamar Johnson Collaborative

Park Pacific Apartments in downtown St. Louis sell for $56.7 million

Two new hotels set to revitalize long-stalled Riverpointe development in St. Charles