* A revised plan for this development was released 09/07/2016: Revised Plan for $40M, 10-Acre Development on The Hill Moves Forward (292 apartments, 58 townhomes, and 15 single-family homes)
Last night, representatives from Sansone Group presented plans for a mixed use development to replace more than 10 acres of warehouse and industrial complex in The Hill neighborhood of St. Louis. The developer has the former Owens-Illinois Glass Co. industrial complex under contract, and envisions up to 450 residential units.
The presentation also included plans to rehab a portion of the white brick building on Daggett, which partially burned last July. New single family homes would front Hereford to the west of the property and behind would be large multi-story apartment building. Example images shown at the meeting included the luxury 278-unit Cortona at Forest Park
Last year the property, including a parcel north of Daggett, was listed for approximately $6M by Berry Grant commercial real estate firm principle Bob Flynn. We wrote at the time that a $4M offer was under consideration. It’s not known if that offer was from Sansone Group.
The mixed-use development plan appears to attempt to retain the scale of the neighborhood by placing single-family homes and retaining at least a portion of the warehouse on the property’s edges. The large multi-family building at the property’s center would be surrounded by a parking garage and appears to include a parking garage as well.
{Cortona at Forest Park was offered as an example of the multi-family infill}
The network of warehouse and office space constituting 5006-5030 and 5019-5021 Daggett Avenue is located in the shadow of the soon to be replaced Kingshighway viaduct, across both streets fronting the longtime St. Louis favorite Rigazzi’s Italian restaurant. Buildings date from 1910, and include expansion in 1923, 1942, and 1946, according to city records.
Berry Grant has owned the complex since the late 1950s, when Flynn’s father founded the company. The property was reportedly under contract by MLP Investments in 2007. At the time, Flynn had the property listed for nearly $16 million.
It’s expected that any development of the site will be contentious, likely requiring the approval of Alderman Joe Vollmer and St. Ambrose pastor Mnsgr. Bommarito. It isn’t known if any economic incentives would be sought, though a representative of the developer stated that they wouldn’t seek incentives unless necessary.
The redevelopment of former industrial sites, especially of this size, often utilize various tax credits. This past week we published the St. Louis City Economic Incentives Report, the first comprehensive look at incentives such as property tax abatement and tax increment financing (TIF) in the City of St. Louis.
