Marcus and Millichap is pleased to present for your acquisition consideration the Terrace Lofts at 1300 Convention Plaza. This complex offers investors the unique ability to acquire a pillar of the $5 billion renaissance in St. Louis’ Central Corridor. The apartments have new plumbing, HVAC, windows, electrical, and flooring. Originally built as the world headquarters for the 7up company, this three-story building flashes architecture that is unique to its era. Terrace Lofts is approximately 55,000 square feet on the upper three floors, with a basement under two-thirds of the floor plate. These apartments in the St. Louis's Loft District were built in two separate sections, with two-thirds built in concrete, and one-third built with timber and red brick. The U-shape structure encompasses a large pool and landscaped courtyard in its center. All of the interior units have either a balcony or first floor patio, overlooking the courtyard and pool. The units range in size from 480-1100 square feet. This building also has limited storage units available for the tenants of the building. Typical features include wood and carpeted flooring, maple cabinets, birch doors, exposed brick, exposed concrete or timber ceilings, exposed stainless spiral ductwork, washer and dryer in each unit, stainless sinks, track lighting, high 10-13 foot ceilings, kitchen islands, historic operable windows, and cable-ready hook-ups. Terrace Lofts is a mid-century build that formerly served as the world headquarters for the 7up company. Residents are only a few steps from the nightlife hub of Washington Street. Cardinals fans can walk 1 mile to get to Busch Stadium or visit the Gateway Arch, which is 1 mile.
In December 2017, the St. Louis Business Journal announced that the redevelopment two blocks up 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 one five miles of the Terrace Lofts.
The Terrace Lofts are the gateway to redevelopment in Midtown, not the endcap. This offering 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.
