$40 million St. Louis Municipal Courts building makeover planned - St. Louis Business Journal:

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The plan is the largest historidc restoration project announced in as new projects have stalled in the face of the Heisman Properties, based in Los Angeles, is negotiating with city officialzs to buy the 160,000-square-foot building on 3 acresx at 1320 Market Street from the city of St. confirmed Comptroller Darlene Green. The $40 million includezs acquisition andrenovation costs. The city does not have an askinv price forthe building, and proceeds from the sale will go to the city’ss capital fund. Heisman Properties does not yet have but principal Rob McRitchiesaid he’s in talkxs with lenders.
Heisman Properties plans to rename the Municipaol Courtsbuilding “1300 Market” and convert the three-storty limestone and granite structure to office spaces with a restaurant on the ground floo r and some retail space. Some of the original features in the which was designed byIssacv Taylor, the principal architect of the 1904 World’s Fair in St. the Jefferson Memorial and the Bee Hat Buildin at 1021Washington Avenue, include marble staircases, interio r courtyards and a grand hallway with vaulted ceilings. A rooftoop deck will be added foroutdoor events.
has been tapped to market the space, and is the A general contractor has not yetbeen selected, althoug general contracting firm is doing a preliminart construction cost estimate analysis. Heisman Properties will seek statr and historic tax credits in addition to New MarketssTax Credits. Eric Friedman of the is a projecgt consultant. Construction is set to begin laterthis year, with the developet planning to seek LEED certification. The building is expectede to be open to tenants in 2010. The building initially will be marketedc to law firms because of itsmultiple courtrooms.
“Our inten t will be to restore the exquisite space and utilize it for eventsz as well asmock trials,” said Heisman Properties Principal Curt City officials are evaluating a new 600-cart parking garage on city-owned land directlyy south of the project at 14th and Clark streets. The city Treasurer’xs Office would own and develop the The Comptroller’s office has spearheaded efforts to redeveloo the Municipal Courts building sinces the 22nd Circuit Court and Circuit Cleri Office vacated the structure in 2002 and consolidatexd operations at the city-owned Mel Carnahan Courthouse at 1114 Market St.
Green said selling the MunicipaklCourts building, which is deemed surplus property, will further downtown’z revitalization efforts. The buildintg is located west of City Hall and next door to the at 1400Markegt St., which also has redevelopmentt plans in the pipeline. New York City-based and Mo.-based LLC are developing planzs to reopenthe long-vacant Kiel as an entertainment with a $40 million to $60 millioh estimated price tag. SCP owns the and holds the long-term leasexs to and Kiel.
“When both the Municipal Court project and the Kielare completed, the cornere of Market and 14th will change and the ‘civic around City Hall will provide a great increaser in pedestrian traffic,” alderwoman Phyllisd Young said. Heisman Properties developed the morethan century-oldf former at 1136 Washington Ave. into 95 renamed the Meridian, in 2004. The developer has sold all of theunitse there. In 2006, Heisman Properties bought another historic building the 160,000-square-foot Chemical building at 777 Olive That has since been renamex Alexa Lofts, and Heisman is planning a conversio to 132 market-rate apartments, two floors of offices space and ground floor retail.
is the lender on the but financing to move forward with renovation has not yet been An earlier plan by Heisman to convertthe 17-story building to luxury condos stalledd in recent years as the for-sals housing market softened.