The downtown development boom continues with another office to apartment conversion. This time, it takes place at the Board of Election Commissioners Building (old Post Dispatch building and officially named the Centennial Building).
Masiel says, according to the Post Dispatch, that he will renovate floors 4-8 into 54 apartments in a $15 Million renovation. The Board of Elections and two small office tenants are to remain on the first 3 floors of the building. The makeup for the apartments will be 44 one bedroom units and 10 two bedroom units. Rents will range from $1150 a month to $1650 a month.
Nearly $5 Million in construction costs will be covered by Federal and State historic tax credits. The remainder would be financed through a bank. Mr. Masiel may also seek a tax abatement. for the project
The project’s name will be an ode to the Post Dispatch, Front Page Lofts.
This isnt Matt Masiel’s first project Downtown, he is going to Redevelopment the Tire Mart Building at 1815 Locust into 67 apartments starting in late Spring. Front Page Lofts will begin later this summer, but he remains bullish on Downtown, so I could see some more projects coming from him.
As for the closed parking garage next door, Masiel hopes the owner can work out a plan to fix it up so residents can park there.