Downtown’s Arcade Building Bought, Apartments Planned
ST. LOUIS (KMOX) -The Arcade building at Eighth and Olive joins the Chemical building, also in the shadow of the Old Post Office, as some of the last empty buildings downtown to be rehabilitated.
“Right now we’ve got kind of a little bit of a dead zone around the post office because we’ve got the Arcade empty, we’ve got the Chemical building empty, and we’ve got the unfinished Roberts tower, which is sitting there empty,” says project manager Paul Hohmann.
He tells KMOX News that 254 apartments are planned and an “institutional tenant” is agreeing to take over the building’s “arcade” space, which has been left largely untouched.
“The arcade will be restored and it will continue to be a public space,” he says. “Dominium has an institutional tenant lined up to take the majority of the first floor.”
Hohmann says the owner plans 180 artists lofts and 80 market rate apartments, similar to other successful projects downtown and in Midtown St. Louis.
Hohmann expects the $9 million deal is expected to close by the end of the year. He says the company, Dominium out of Minneapolis, Minn., hopes construction will begin soon after and the first people moving in by 2015.