Remove the former CPI Corp. headquarters from the list of empty downtown ×îÐÂÐÓ°ÉÔ´´ buildings and count it among those in line for a loft apartment conversion.
Revive Capital Development LLC, of Kansas City, bought the nine-story building from downtown ×îÐÂÐÓ°ÉÔ´´ property owner David Jump. John Warren, a vice president of commercial real estate company JLL, represented Jump's 1706 Washington LLC in the sale that closed Monday. No financial terms were revealed.
JLL said Thursday the new owner plans to put loft apartments in the former CPI headquarters at 1706 Washington Avenue. Efforts to reach a Revive representative were unsuccessful.
Erected as the Monogram Building in 1912, the former CPI headquarters is on the National Register of Historic Places as part of the Washington Avenue Historic District.
In announcing the building's sale, JLL said Downtown STL Inc. has in its measurement of the downtown housing market 4,705 apartments and 1,691 condos.
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Jump acquired the CPI building in 2012 for $3 million. CPI, an operator of portrait studios, continued to occupy the building through a lease with Jump's American Milling, of Cahokia, before it went bankrupt and closed its U.S. locations in 2013. Included in the sale to Revive are former CPI parking lots near its former headquarters, a brick and terra cotta structure.
