An $11.6M building permit application has been submitted for the renovation of 300 S Broadway in the Downtown neighborhood. Bamboo Equity Partners acquired the building last year and plans to convert the building, last occupied by St. Louis Community College since 1984, into 80 apartments. The total project cost is $21.3M including $3.6M for acquisition. The site is across the street from Busch Stadium and Ballpark Village. The architect is Arcturis. The general contractor is Brinkmann Constructors. Leasing starts in about a month, and move-ins are expected to start Jan 2022.
Plans by another developer to demolish it and build a 33-story tower fell through. Nextstl – 300 S Broadway Contract Terminated – Building for Sale
The renovated building will feature a pool, fitness center, business center, and rooftop deck patio and lounge with views that include the stadium. There is a ground floor retail space about 1,000-2,000 sf. Amenity spaces and five apartments occupy the rest of the first floor. You’d think a sports bar would be a home run here. A sign of the pandemic times perhaps or a decision to serve the residents with amenity space. There is no parking within the building, so presumably parking will be leased off site taking advantage of the surfeit of parking downtown.
Bamboo sought a 90% property tax abetment for 10 years with an estimated present value of $739k. The LCRA amended the terms approved for the tower and passed by the St. Louis Board of Aldermen in 2018, so a new bill wasn’t submitted last year. The project also received sales tax exemption on construction materials.
The 80 apartments here join One Cardinal Way’s 297 in this corner of downtown where there have been none for quite some time.