The vacant 16 story Chemical Building at 721 Olive Street downtown has a new owner. According to city records, Morgan Communities of Pittsford, New York has closed on the property. HBD Construction is the contractor. The developer is moving quickly on the project, with construction bids due this week to replace the windows on the historic structure.
Built in 1896, Chicago School architect Henry Ives Cobb designed the red terra cotta and brick tower with its distinctive protruding bays. Work has just begun on a $65 million hotel conversion of Adler and Sullivan’s adjoining 705 Olive.
Morgan Communities has a portfolio of over 140 properties including dense urban projects and suburban residential campuses. This will be their first project in Missouri. Their focus is on the residential rental market.
Proposals for the Chemical Building have come and gone in recent years.
Interior photos by Jason Deem: