The redevelopment of the Jefferson Arms building in downtown is back on track after the city's Clean Energy Development Board approved PACE financing for the project.
This step secured financing for the over $145 Million project. Plans call for the building to be redeveloped into 225 apartments, 235 hotel rooms and 29,000sf of retail space. The Jefferson Arms project has been planned by Texas-based Alterra International since at least 2016. Controversies surrounding partners, project components and funding have all come and gone and numerous start dates came and went. And while financing has been secured, there's still no word yet on when the project will start.
Previously, plans called for an AC Hotel by Marriott to be the hotel brand, but it's unclear if that's still the case. Alterra previously engaged Merriman Anderson Associates of Dallas Texas to serve as the architect and DTLS Studio of St. Louis to serve as landscape architect.
The return of the Jefferson Arms project is just one of several big projects that were either announced or advanced in downtown this year. 2022 has seen the following projects be unveiled or advanced in downtown.
Gateway South: $1.2 Billion mixed-use redevelopment of Chouteau's Landing and areas south by Good Developments Group.
AHM Locust: $200 Million+ project that redevelops several buildings, builds two smaller structures, and constructs the world's tallest mass-timber building.
Midas 2300 Chestnut: Revealed on CityScene STL several months back. 9-story apartment building just west of Centene Stadium.
Chemical Building: Announcement of redevelopment into a dual-brand Residence Inn and Springhill Suites hotel.
Butler Brothers Building: Construction commenced on the massive, $120 Million redevelopment into 384 apartments in March.
1014 Spruce: Returned and led by Balboa Real Estate Partners.
Fielder Lofts: Kansas City-based Garrison Companies revealed a 7-story project at the site of the former Mike Shannon's restaurant on Market Street in March.
1800 Washington Avenue: Redevelopment of the building into 56 loft apartments advanced.
909 Chestnut/AT&T Tower: While not yet a project, the building sold to New York-based Somera Road back in May.