Newspaper article St Louis Post-Dispatch (MO)

Best of Building Blocks

Newspaper article St Louis Post-Dispatch (MO)

Best of Building Blocks

Article excerpt

Highlights from our real estate and development blog: STLtoday.com/buildingblocks.

Gateway Tower for sale * Up for sale is Gateway Tower, a 1960s office building at One Memorial Drive near the Gateway Arch downtown.

Jones Lang LaSalle has the listing for the 20-story building opened in 1967. Main tenants include ShipWorks, the East-West Gateway Council of Governments and KMOV-TV.

Peter Harwood, who with fellow JLL broker Jim Postweiler has the listing, isn't disclosing an asking price but says Gateway Tower is nearly 86 percent leased. City records indicate that Sovereign Partners, a New York-based real estate investment firm, bought Gateway Tower in 2004 for just under $8.5 million.

Downtown's office market is tepid, but the good times keep rolling for the residential market. As a result, Sovereign Partners did a feasibility study of a plan to build a 16-story residential tower on top of KMOV, which occupies Gateway Tower's low-rise portion. The preliminary plan is for 80 residences ranging in size from 1,200 to 1,500 square feet.

Harwood said Gateway Tower will benefit from its nearness to the Arch, whose grounds are undergoing a massive redo, most of it to be completed in about a year. (09.23)

Arcade project shows off Tuesday * Construction began weeks ago, but the official start of the $118 million renovation of the Arcade building downtown is set for Tuesday.

Mayor Francis Slay and officials from financier U.S. Bank and owner Dominium are expected to attend the "groundbreaking" Tuesday.

When fully rehabbed, the half-million-square foot building at Eighth and Olive streets will have 282 apartments and Webster University's expanded downtown campus.

Heavy work got underway in August after U.S. Bank completed the project's financing. The bank financed $77 million through federal New Markets Tax Credits, federal and state historic tax credits and federal low-income housing tax credits. …

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