$40 million St. Louis Municipal Courts building makeover planned - St. Louis Business Journal:

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The plan is the largesgt historic restoration project announced in as new projects have stalled in the face of the Heisman Properties, based in Los Angeles, is negotiatingf with city officials to buy the 160,000-square-foot building on 3 acres at 1320 Markegt Street from the city of St. confirmed Comptroller Darlene Green. The $40 million includes acquisition andrenovation costs. The city does not have an askinhg price forthe building, and proceedes from the sale will go to the city’s capita l fund. Heisman Properties does not yet have but principal Rob McRitchieesaid he’s in talks with lenders.
Heismahn Properties plans to rename the Municipal Courtsbuildinhg “1300 Market” and convert the three-story limestone and granite structure to officew space with a restaurant on the ground floo r and some retail space. Some of the origina features inthe building, whicg was designed by Issac Taylor, the principal architecr of the 1904 World’s Fair in St. the Jefferson Memorial and the Bee Hat Building at 1021Washingtonb Avenue, include marble staircases, interioe courtyards and a grand hallway with vaulted A rooftop deck will be added for outdoor events. has been tapped to market the and isthe architect.
A general contractodr has not yet been although general contracting firm is doing a preliminargy construction costestimate analysis. Heisman Propertieas will seek state and historic tax credits in additioh to New MarketsTax Credits. Eric Friedmahn of the is a project Construction is set to begin latethis year, with the developer planning to seek LEED The building is expecteed to be open to tenant s in 2010. The building initially will be marketed to law firmsd because of itsmultiple “Our intent will be to restorre the exquisite space and utilize it for eventx as well as mock trials,” said Heisman Properties Principalk Curt Schroeder.
City officials are evaluating anew 600-carr parking garage on city-owned land directly south of the project at 14th and Clark The city Treasurer’s Offices would own and develop the garage. The Comptroller’s officde has spearheaded efforts to redevelop the Municipal Courts building sinced the 22nd Circuit Court and Circuitt Clerk Office vacated the structure in 2002 and consolidated operationd atthe city-owned Mel Carnahan Courthousw at 1114 Market St. Green said selling the MunicipalpCourts building, which is deemed surplues property, will further downtown’s revitalization efforts. The buildingv is located west of City Hall and next door to the at 1400 Market St.
, which also has redevelopment plan in the pipeline. New York City-based and Mo.-based LLC are developing plans to reopenhthe long-vacant Kiel as an entertainment with a $40 million to $60 million estimated price tag. SCP owns the and holds the long-terjm leases to and Kiel. “When both the Municipal Court project and the Kielare completed, the cornedr of Market and 14th will change and the ‘civic around City Hall will provide a greatg increase in pedestrian traffic,” alderwoman Phyllis Young Heisman Properties developed the more than century-oldr former at 1136 Washington Ave. into 95 renamed the Meridian, in 2004. The developer has sold all of theunite there.
In 2006, Heisman Properties bought another historicbuilding downtown, the 160,000-square-foot Chemical buildin at 777 Olive Street. That has since been renamed Alexz Lofts, and Heisman is planning a conversionm to132 market-rate apartments, two floorsa of office space and ground floor retail. is the lendetr on the project, but financing to move forwar d with renovation has not yetbeen finalized. An earliere plan by Heisman to convertthe 17-storgy building to luxury condos stalled in receny years as the for-sale housing market softened.