Building at 1900 Pine to get apartment conversion

Work is scheduled to begin by the end of the year to put 87 affordable apartments in a century-old building near Union Station in downtown St. Louis.

Sherman Associates, of Minneapolis, said today the project to transform the building at 1900 Pine Streetknown as Station Plazashould be done by late next year. City records show the six-story brick building was erected in 1884.

CBRE said it represented Sherman Associates in acquiring the building from R&P Realty Inc. The deal includes the parking lot just west of the building.

Sherman Associates said it bought the property for about $1.6 million and has a construction budget of $10.5 million. The developer is expected to use low-income housing tax credits in the project.

In addition, the project is in line for tax abatement from the city. In the 1980s, the now-vacant building was renovated as offices.

Tim Bryant covers commercial real estate, development and other business stories for the Post-Dispatch. He blogs at Building Blocks, the Post-Dispatch development blog.

See original here:
Building at 1900 Pine to get apartment conversion