ULI Hosts Panel on Building a Better Downtown STL
Date Posted: September 2, 2025
Posted In: Discussion,
by Tom Finan, Executive Director/Co-Founder, Construction Forum
“Part of our problem is that we view Downtown as one thing,” said Alex Oliver, the founder and CEO of Oliver Properties, a St. Louis–based real estate development firm that is championing the on revitalization of Downtown.
Oliver was part of panel of developers who are taking a variety of approaches to revitalizing Downtown. They discussed what success looked like for St. Louis’ urban center Thursday morning (Aug. 28th) at the Hilton St. Louis at the Ballpark. The panel was hosted by ULI.
Realizing a vibrant Downtown St. Louis won’t the result of a single thing, the panelists indicated. Instead it will be many things, working in concert
Downtown, Oliver said, is a collection of unique enclaves that need connective neighborhood infrastructure. Oliver has reinvested in properties that were part of the Washington Avenue renaissance two decades ago but had been allowed to deteriorate. “We are seeing incredible leasing velocity,” he said. He noted that 40 percent of his company’s new tenants are first-time residents of St. Louis.
Cohesive Downtown Entertainment District
Mike LaMartina, president, Ballpark Village St. Louis said that “You can create investments, but if it’s not walkable, if it’s not drivable, if it’s not safe it doesn’t work.”
Panelist Bob O’Loughlin is chairman and CEO, Lodging Hospitality Management (LHM), owner of Hilton where the event was held. LHM also owns St. Louis Union Station, which was opening three new rides at its Wheel Park the day of the ULI event. O’Loughlin said that creating a cohesive Downtown entertainment district has long been a focus of his organization.
“…if it’s not walkable, if it’s not drivable, if it’s not safe it doesn’t work.”
“We need to identify a reason for people to come Downtown,” said Charles Goldman, a managing partner at The Goldman Group. His company, a vertically integrated real estate investment, development, and management company based in Boston, specializes in adaptive reuse.
The firm, with Charles Goldman at the helm, acquired the 1.46M-sq.-ft. former AT&T Tower at 909 Chestnut Street. In May Missouri legislators put the project in limbo when they failed to approve $50 million in state tax credits to help developers convert empty offices into apartments. The legislation was seen as key to Goldman’s plan to transform the tower with hundreds of new apartments and amenities.
He urged the City to adapt policies, such as eliminating the earnings tax and fast-tracking permitting, that would “de-risk investment.”
“Elephant in The Room”
Mike Sarimsakci chairman of the board and CEO of Alterra Worldwide, a vertically integrated real estate firm, has done projects around the globe. He is leading the redevelopment of the historic Jefferson Arms building at 415 N. Tucker Blvd. Alterra is transforming Jefferson Arms into a mixed-use project combining a Marriott AC hotel, luxury apartments, and retail space. He said Alterra is two months away from opening and the hotel and apartments.
But he is concerned about the lack of critical mass downtown to meaningfully revitalize and support long-term development .“The empty office space is an elephant in the room,” he said. Sarimsakci said Downtown needs, a clear strategy to attract the next level of corporations. It is important to create more density downtown.”
Brian Pratt, managing partner and principal at AHM Group, is leading City Commons. The $232 million mixed-use development just north of CityPark in Downtown West. The 12-acre project will include 450-plus apartments, extensive office and retail space, and a 29-story mass timber high-rise built in five phases.
Pratt highlighted his affinity for smaller developments anchoring off larger projects. He suggested using pilot initiatives like downtown retail grants to foster more mixed-use vibrancy. “First-floor development is a priority,” he said.
“We don’t need a Dan Gilbert,” Pratt stated. (Dan Gilbert, founder of Quicken Loans and Rock Ventures, was pivotal to Detroit’s renaissance by moving thousands of jobs downtown and investing billions to revitalize the city’s real estate, infrastructure, and entrepreneurial ecosystem.)
“Billions of dollars are already being invested here, including by those on this panel.” he said.