Three building rehabs on the Landing go before the LCRA board. The Board of Aldermen have already passed redevelopment plan and tax abatements for rehabilitation. The LCRA designates the specific developer and enters into a redevelopment agreement to carry out the plan. Advantes Group plans to rehab the Greeley, Hoffman, and Traders Lofts. They converted the Peper Lofts at 7001 N 1st Street into 50 apartments and 30,000 square-feet of office space which finished in 2020.
Jacob Barker at the Post-Dispatch reported on the developers in 2019- New life for the Landing: Investors outline ambitious plans to add apartments and businesses
NextSTL – Renovation Of The Peper Building Underway In Lacled’s Landing
NextSTL –What Should Be: A Re-Energized Landing
The Greeley Lofts at 618-624 N 2nd Street will contain 33 apartments, 17,681 square feet of commercial space, and 8,362 sf of office in the five-story building. A building permit application was submitted in June for the $10.9M project. It received a 10-year 75% property tax abatement on the increase in assessed value.
The Hoffman Lofts at 700-702 N 2nd Street will contain 24 apartments, 8,136 sf of commercial space, and 5,591 sf of office space. A building permit application was submitted in August for the $7.9M project. It received a 10-year 75% property tax abatement on the increase in assessed value. The estimated present value of the abatement for the Greeley and Hoffman Lofts is $480k. Federal and state historic tax credits will also be utilized.
The Traders Lofts ate 801-805 N 2nd Street will contain 20 apartments, and 5,395 sf of retail/office space. No building permit application has been submitted yet for the $6.1M project. It received a 10-year 90% property tax abatement on the increase in assessed value. The estimated present value of the abatement is $253k. Federal and state historic tax credits will also be utilized.
