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Tuesday, 28 January 2014

Large St Louis Building Offered for Sale

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A downtown St. Louis building that spans an entire block and could be redeveloped into a mixed-use property is being offered for sale.

Cassidy Turley has the listing for the 718,660-square-foot Butler Brothers Building, at 1717 Olive St., which previously was used as a store and warehouse by its then owner, the Butler Brothers retailing company. It ceased operations in 1960 and was acquired by City Products Corp., which was later acquired by Lehman Brothers Holdings.

The building has the potential to be redeveloped into a mix of multifamily and commercial space, according to Cassidy Turley. It is seen fetching at least the $20/sf to $30/sf that other redevelopment properties have sold for in St. Louis.

The Butler Brothers Building, which was built in 1906, is being used as a garage. It is listed in the National Register of Historic Places and is approved for state and federal historic tax credits that could be applied to its redevelopment costs.

The state's Historic Preservation Council has approved a plan submitted by the Butler Brothers Building's ownership group to convert the property to 342 multifamily units, with parking and retail space. That plan has not obtained any of the required local government approvals.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: St. Louis
  • States: Missouri
  • Sector: Mixed-Use
  • Subject: Property Offerings (OFF)
  • Private: No
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