ST. LOUIS — A developer hopes to turn a parking lot at 1801 Washington Avenue into a 184-unit apartment complex.
King Realty Advisors, led by Bryan King, has owned the parking lot currently used for the nearby City Museum since 2018. The $32 million development plan includes 220 parking spaces and 7,300 square feet of commercial space.
The project in Downtown West would be blocks from the under-construction Major League Soccer stadium and Union Station. Across the street, Kansas City developer Michael Knight this summer closed on Mulligan Printing’s former building, where he plans a $13.5 million renovation into 72 apartments. Knight in recent years redid the historic Monogram building a block to the east at 1706 Washington into 168 apartments with a Fields Foods on the ground floor.
And a block to the south, Matt Masiel’s Screaming Eagle development is rehabbing the former Tire Mart warehouse at 1815 Locust into more apartments.
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King is seeking 10 years of 90% tax abatement for the new apartments.
Big investment in downtown office
Larson Capital Management plans to invest $16.5 million in the half-vacant downtown building at 100 North Broadway.
A fund affiliated with the Chesterfield firm purchased the 23-story building with Clayton-based Hermann Companies in early 2020 for $19.9 million. Larson Capital LLC plans to acquire the building and hopes to grow the 250-employees there now to just more than 500, according to a report from the ×îÐÂÐÓ°ÉÔ´´ Development Corporation.
Larson Capital told a city development board Tuesday it plans to move its 130-person workforce to the building from its offices at 14567 North Outer 40 Road, according to the . The building had been Hardee’s headquarters before the fast-food chain moved to Tennessee. The building went into receivership after its previous owner defaulted on a loan.
Larson is seeking 10 years of tax abatement worth 80% of the building’s improvements. The building is within an Opportunity Zone, a new federal designation that offers capital gains tax benefits for investors.
