Despite the ongoing economic slowdown, LuxLiving is moving ahead with plans for a 6-Story, 320-unit luxury apartment building.
The development is set to be called, "the SoHo". The name follows LuxLiving's other recent new-build projects in the City that are named after neighborhoods and places in New York City. Other projects include Tribeca and Chelsea on Pershing in the Debaliviere Place neighborhood. Lux also recently proposed a 6-story, 150-unit apartment building at Debaliviere and Pershing known as "the Hudson".
The site chosen for "SoHo" is currently occupied by Broadway Ford Truck Sales at 7th and Marion (1501 South 7th). The site holds the key to connecting Soulard to Downtown South, which itself is set to undergo some major changes in the next development cycle. The SoHo will include a new design that moves away from the style LuxLiving has been building recently with their other projects throughout the City. It's more of a modern design and will probably be the most modern building in the Soulard neighborhood upon completion. However, it is allowed here since this panel is not in a preservation/cultural review district. It falls just outside the boundary.
The SoHo will also include ground floor retail space along 7th Boulevard, a state-of-the-art amenity deck and a parking garage hidden by the building. It's close proximity to Soulard Farmers Market also gives future residents the ability to get fresh produce when the market is open. The market is located a block South.
The decision to build a new apartment building during this time of economic uncertainty comes as a bit of a shock to some. Especially a building of 320 units (which is larger than One Cardinal Way or One Hundred). But it goes to show that LuxLiving is bullish on the St. Louis, and in particular, Soulard real estate market. They wouldn't be pursuing this project if they didn't believe it would work. In addition, construction on a building of this size takes time so by time the SoHo opens, it's expected that the economy will be recovering from the recession caused by the coronavirus.
If all goes according to plan, we can look forward to construction starting in Q3 of this year (2020). No completion date was provided but according to a January LCRA agenda, the cost (with acquisition of properties) was estimated to be $72.2 Million. No word on if that changed any. A tax abatement worth 95% for 10 years was applied for in January. The architect is VE Design Group.
Broadway Ford Truck Sales will move to a new home within the City limits, so this project is a win-win.
Updates to Other LuxLiving Projects...
The Bordeaux in Lafayette Square is completed and open to residents bring an end to the saga of the redevelopment of the building at Park and Dolman.
The Chelsea recently had a tower crane erected on site. Construction on the 7-story building is set to wrap up by the end of the year even though there is still a lot of work to be done.
The Hudson will start site prep work this May. This includes demolition of the existing Talayna's building.
As reported on CityScene STL, Soulard Steelyard and the Ice House, two of LuxLiving's developments, were sold for $45.9 Million.