ST. LOUIS, Mo. (KMOX) – The last vacant building in Grand Center is on the verge of becoming a residential and commercial development.
The Grand Center, Inc. Board of Directors Thursday approved the sale of the Missouri Theater Building and an adjacent parking lot to the Lawrence Group.
They plan on rehabilitating the building into 108 market rate housing units and approximately 25-thousand square feet of commercial space.
Grand Center President Vince Schoemehl says the group also plans to build a garage and additional mixed use development as part of a larger pending future project.
The closing is scheduled for next week.
In addition the board approved an option for the Fox Associates, owners and operators of the Fabulous Fox Theater, to purchase the parking lot to the west of the University Plaza Apartments at Grand Avenue and Washington Avenue. They plan on building a parking garage there.
“The option is only for six months so we intend to move quickly on our evaluation and, if we determine to move ahead, we would plan to be in construction early next summer so the garage would be ready for our fall, 2014 shows,” said Richard Baker, President of Fox Associates.