Despite being pushed back after tax credits weren't awarded to the project, the Jefferson Arms redevelopment is now moving forward. Developer Mike Sarimsacki, who leads the firm Alterra Worldwide, has stated that he is ready to begin construction work in the Spring of 2019. In a particular month, April. The monstrous building, bounded by St. Charles, Tucker, Locust and the Shell Building, has had many attempts at redevelopment since it closed well over a decade ago. This time around, despite push backs and other issues, Alterra is continuing to pursue the redevelopment plan as their focus has turned to St. Louis from Dallas.
Alterra's plans for the building are ambitious and will take the desolate building and add life to it along with adding much needed foot traffic around here. Alterra's specific plans are...
200 Room, AC by Marriott Hotel
200 Apartments
And over 4000SF of retail space
In all, the project appears to be on the same size and scale as Alterra's other project in Dallas, the Butler Brothers building. The final cost of Alterra's Jefferson Arms Project: $104 Million.
Alterra has pursued the redevelopment of the structure since they burst into the St. Louis real estate scene in 2016 with their intentions to acquire the building. It has been a rough start for sure but at least there is movement on the project and a definitive start time. As for a completion date, Alterra is aiming for a Summer 2021 opening of the entire building. This is a change from the previous 2 Phase plan that was targeted earlier this year. Tapped for the architecture firm is Dallas based Merriman Anderson Associates along with local landscape architect DTLS.
The contractor is set to be GHJ, which is owned by Beijing Construction Engineering Group International (BCEGI) which is owned by the Chinese Government. They replace Raineri Construction as the contractor after the Business Journal said that Raineri didn't want to get involved with Alterra following their past performance and approach.
TALK ABOUT THIS: Click this link to discuss this project on the Forum: https://www.cityscene-stl.com/forum/downtown-st-louis/jefferson-arms-building-tucker-locust
Below are some interior renderings of the building.
ALTERRA's FUTURE INVESTMENTS HERE...
Based on previous Business Journal stories and messages from people who claim that have insider information on what Alterra plans to do in St.Louis, I have listed where Alterra might go next.
North Riverfront Tower: Slated to be 50 Floors and has even been talked about by Mike Sarimsacki. First appeared when Alterra entered the local real estate market and has been brought up a few times since then. Most recently, sources have told be that the tower is very much into the final stages of design and that we could hear more soon.
Former Downtown YMCA building on Locust. Not much else is known.
Fountain Park homes and vacant lots. Not sure what's planned here but they were wanting to purchase lots and homes in Fountain Park recently.
1920 North Broadway. This old building was on their radar to turn into a hotel back when they entered the local real estate market in 2016.
Butler Brothers Building on Olive. Not much else is known.