Tuesday, March 11, 2008

What's Left to Rehab? (Part IV - The Plaza Square Building)

The Plaza Square Building (not to be confused with the Plaza Square Apartments) at 1717 Olive is one of the largest undeveloped buildings in downtown St. Louis. Built in 1908, this massive, 8-story, 680,000 sf building takes up an entire city block.

The Plaza Square Building was purchased by Sovereign Partners in 2007 for $13.4 million. Sovereign Partners also recently purchased the Locust Building at 1015 Locust and owns the Gateway Tower at One Memorial Drive and the Dragon Trading Building at 1701 Locust, just across the street from Plaza Square.

The owners' plans for the building have yet to be revealed, but it is well suited for office or residential use. It even has interior garage parking for 200 cars, which will enhance its marketability. The addition of retail space on the ground floor would be very helpful in strengthening the Locust corridor, which has seen the addition of several new bars and restaurants as of late.

Hilliker is currently marketing 24,000 sf of ground floor retail space in the building and up to 350,000 sf of office space with rates ranging from $1.95 to $2.75 psf. It is currently home to several nonprofit organizations and is also used as storage space.

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