Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that Senior Managing Directors Michael Hanrahan and Paul Hilton have been selected to market the historic 718,660-square-foot Butler Brothers building located at 1717 Olive Street in St. Louis’ Central Business District.
“We’re thrilled to market one of the last, large historic buildings located Downtown,” said Mr. Hanrahan. “This is an incredible opportunity for an investor to own an entire city block in Downtown St. Louis.”
This multi-family residential loft redevelopment opportunity is located in St. Louis’ Loft District. A preliminary redevelopment plan includes 342 multi-family units with 397 garage parking spaces and two retail spaces. Approvals for an additional two-story penthouse of approximately 71,277 square feet have been obtained. The property, built in 1906 and designed by Muarhan, Russell & Gasden, is listed in the National Register of Historic Places and is presently approved for state and federal historic tax credits to support redevelopment costs.
Butler Brothers Wholesale Department Store and Merchandise Company operated as a mail order catalogue wholesaler serving local retail stores. In 1927, Butler Brothers opened the iconic Ben Franklin Stores, one of the first retail franchises, and the property functioned as a regional warehouse supporting this famous retail chain.
“Since 2000, the Downtown market has added 4,100 multi-family units,” said Mr. Hilton. “Even with significant inventory increases, the vacancy rate has stayed around 10% with the core submarkets around 5%. Investors seeking an opportunity in this hot multi-family market will find the property attractive.”
Some work already has been done to the vacant eight-story building to prepare for renovation and restoration. The first floor and basement currently serve as a parking garage with 200 spaces. The second through eighth floors of the building retain an interior light court. The property, located on 2.10 acres, offers easy access to Interstates 64 and 70.