Marcus and Millichap is pleased to present for your consideration the Fitness Factory building at 1220 St. Charles Street. This mixed-use asset offers investors a rare opportunity to acquire a large parking structure in the booming Downtown St. Louis Loft District.
Standing 6 stories tall, the first floor was completely renovated in December 2016 to specifications for the Fitness Factory gym. The state-of-the-art fitness facility moved to their new 18,000 square feet space after outgrowing a nearby location for 10 years. Surrounding office and retail employees contribute to the Fitness Factory’s patrons along with apartment residents of the revitalized Loft District. The redevelopment of the Washington Avenue Historic District became possible after Missouri approved historic tax credits for the area in 1998.
Floors 2-6 house 240 market-rate parking spaces currently used by the Fitness Factory, tenants of the 120,000 square foot mixed-use Rudman on the Park next door at 1228 Washington Avenue. Washington Avenue is a main thoroughfare that transforms into a busy nightlife hub, blending 19th century architecture with modern lofts, boutique bars, and eateries. Cardinals fans only need to travel ¾ of a mile to get to Busch Stadium. National park enthusiasts are standing in front of the Gateway Arch in 1 mile.
The Downtown St. Louis Loft District is at heart of one of the nation’s most dramatic rebirths in commercial real estate. Neighbouring Central West End is in the middle of a total reboot. At it’s center, The City Foundry has already been launched. The Foundry is the $340 million reimagining of a vacant manufacturing site with plans for office, retail, and housing. The bold redevelopment had early commitments from tenants like Patagonia, Reformation, Zara, and Need Supply. Despite its immense size, though, the City Foundry was not the initial spark that set off the rebirth of Midtown.
In December 2017, the St. Louis Business Journal announced that the redevelopment next door to the Fitness Factory parking garage is moving forward. The historic Jefferson Arms building is slated to become a 200-room Marriott hotel along with 200 single-family apartments. The project cost is set at $104,000,000. Currently, the Jefferson Arms group lease 100 parking spaces from the Fitness Factory garage.
