^ updated rendering added 02/09/2015
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The 4500 block of Olive Street on the northern edge of the City’s Central West End has seemed the perfect place for new development, for a long time. The area isn’t dead, but development has been slow and spotty. Now Rothschild Development is planning to build 29 apartments in a new structure rising above an historic storefront, and converting another building into additional apartments.
The project would utilize historic tax credits for the two story building at eastern end of the development, while the single story building would be converted to approximately 3,000 sq ft of retail space with a four-story building rising from within. Resident parking would be hidden at the rear of the building. The single-story building to the west under different ownership and would remain.
{the north side of Olive across from proposed development}
The success of Bowood Farms, just to the west of the planned development has anchored the area for several years, but has also resulting in regrettable demolition for expansion. Cafe Osage, opening at Bowood has proved a draw to the area as well. Yet a block north, homes remain in poor repair and have an uncertain future.
The surprisingly intact commercial storefronts on Olive from east of Bowood to Taylor are well maintained, if dormant. The Rothschild property on Olive had been considered as a new location for Rothschild’s antiques, a decades long mainstay at the nearby southeast corner of McPherson and Euclid Avenues, when it closed to make room for the restaurant Gringo. nextSTL is told it’s possible the new commercial space on Olive could become an antique store.
The project is being designed by Arcturis, Blackline Design + Construction will handle construction, and Associated Bank and providing financing. The project should be underway in May and completed in approximately a year. Rents have not yet been finalized, but are expected to start at ~$1,000 for 1BR, and ~$1,600 for 2BR unit.
