Marcus and Millichap is pleased to present for your acquisition consideration the Historic Rudman Building at 1228 Washington Avenue. This mixed-use asset offers investors the unique ability to acquire the centrepiece of a $5 billion renaissance in St. Louis’ Central Corridor. Rudman is made up of 48 mulitfamily units on floors 48, 3 commercial spaces on floors 2-3, and 2 retail spots on the street level. The lofts feature exposed brick, large historic windows, warm timber ceilings, metal moldings, polished concrete floors, solid metal doors, and much more. The ceiling heights range from 10-12 feet. The residents are offered additional security through the building’s controlled access system and twenty-four hour surveillance cameras.
Rudman on the Park is a standout with new plumbing, HVAC, low E thermal windows, and electrical. Visibility could not be better; Washington is a main thoroughfare that transforms into the nightlife stop, blending 19th century architecture with modern lofts, boutique bars, and eateries. Washington was named one of America’s Ten Best Streets by the APA. 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.
In December 2017, the St. Louis Business Journal announced that the redevelopment next door to Rudman on the Park 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. Nearby, 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. A new IKEA, located immediately West of the City Foundry, is largely responsible for the economic boom. Opened late in 2015, the store is reportedly already hitting their $100 million sales goal. The IKEA project injected $110,000,000 into the area. Since then projects like BJC’s expansion ($1,000,000,000), Chouteau’s Greenway ($45,000,000 phase 1), the Shriner’s Hospital ($60,000,000), and other loft projects in the surround space ($200,000,000) have created an entirely modern space for generations to come. Additionally, the Cortex has continued to drive direct investment from groups across the U.S. Founded in 2002, the Cortex is a collaborative effort of Washington University, Saint Louis University, and BJC Healthcare. Since its inception as a technology and innovation hub, the project has generated 4,200 high-paying jobs. By late 2017, more than 1.7 million square feet of rehabbed space (along greater than $550,000,000 of investment) is due directly to the Cortex. Long term plans call for 15,000 permanent technology-related jobs and $2.3 billion of construction on the Cortex campus alone. All of this is within five miles of the lofts.
Rudman on the Park is the gateway to redevelopment in Midtown, not the endcap. This pairing with the adjacent Fitness Factory parking garage provides the perfect piece for live, work, play urbanism at the heart of one of the nation’s most dramatic rebirths in commercial real estate.
