Downtown St. Louis’ Chemical Building Eyed by Another Developer
Date Posted: May 11, 2017
Posted In: Projects,
From St. Louis Real Estate: The Chemical Building, located in downtown St. Louis, is once again under contract by an interested developer in the region. Mike Hejna, president and CEO of Gundaker Commercial Group in St. Louis, reported the new contract to the St. Louis Business Journal this week. He is marketing the building on behalf of its owner, New York-based Waterfall Asset Management. Hejna did not disclose the developer’s identity, but did go on to tell the Journal that the firm has the intentions to redevelop the 17-story Chemical Building, which presently sits on the National Register of Historic Places. The developer’s intention is to turn the building into apartments.
Should the deal go through, it could be worth between $3 million and $6 million. If discussions go smoothly, the deal could close as soon as this summer, reported Hejna. First, the company must complete its due diligence and explore possible public subsidies for the project. Hejna proclaimed that the purchase price would only be reflective of about 12 percent of the total project cost. The Journal requested to speak with Otis Williams, executive director of the St. Louis Development Corp., which is the city’s economic development arm that would be involved with any public subsidy approval. He was not available for immediate comment.