Construction began last month on the $21.5 million redevelopment of a former TireMart property - originally a Huppmobile dealership - on the downtown west historic automobile row, located at 1815 Locust Street in St. Louis, Mo.
When complete in August 2021, the new, three-story multifamily property will house 70 units consisting of one- and two-bedroom apartments.
The 115,317-SF historic rehab project will include interior and exterior parking, solar panels on the roof, a clubroom and a fitness center.
Ebersoldt + Associates, the architect on the project, has given a nod to the original building design elements by incorporating sealed concrete floors, exposed concrete ceilings and exterior masonry walls, and large, historic aluminum windows that will allow for plenty of natural light.
The project developer, Screaming Eagle Development, LLC, was issued approval by the Land Clearance for Redevelopment Authority of St. Louis County (LCRA) for two, five-year tax abatements.
"We are very excited to redevelop this property in the downtown west neighborhood. We identified this property two and a half years ago. It has been a long process to get here; but given what the building has shown us so far, the final product will be a beautiful asset to the community," said Matthew Masiel, principal with Screaming Eagle Development.
The project is slated to receive a five-year tax abatement based on 90 percent of the assessed value of incremental improvements; followed by another five-year tax abatement based on 70 percent of the assessed value of incremental improvements.
Other partners on the project include general contractor, Pinnacle Contracting, Inc. and lenders Gershman Investment Corp. and Midwest Regional Bank.
At the time of acquisition, the property was appraised at $1.1 million by the City of St. Louis.