1320-1324 Washington Ave
Saint Louis, MO 63103
Grace Lofts · Multifamily Property For Sale · 20 Units

Marcus and Millichap is pleased to present for your acquisition consideration the Grace Lofts and accompanying commercial space at 1324 Washington Street. With their high ceilings, gas fireplaces, and beautiful views of Lucas Park and Washington Avenue, Grace Lofts are in the premier location of downtown St. Louis. Each luxury loft has its own washer and dryer, is equipped with new electrical and plumbing fixtures, and is already wired for cable and the internet. Tenants have access to secure indoor parking, as well as a state-of-the-art security system with twenty-four hour recording. Grace Lofts was built in 1907. Known then as the Lesan-Gould Building, the lofts are an eight-story reinforced concrete frame factory and commercial structure. It was designed by the St. Louis architectural firm of Mauran, Russell and Garden and employed a system of reinforcing concrete developed by Detroit engineer Julius Kahn, who patented a system of re-enforced concrete construction. The building is an Arts and Crafts design, with banked windows, projecting cornice with oversize brackets, and a multitude of enamelled brick detail. In 1986, the building was added to the National Register of Historic Places for its significance in Architecture and Engineering. 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 subject property. In December 2017, the St. Louis Business Journal announced that the redevelopment one block down 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. The Grace Lofts are the gateway to redevelopment in Midtown, not the endcap. This mixed-use asset offers investors the unique ability to acquire the centrepiece of a $5 billion renaissance in St. Louis’ Central Corridor. Sitting on one of America’s Ten Best Streets according to the APA, Grace Lofts is a standout with new plumbing, HVAC, windows, electrical, and flooring. 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. 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 pairing 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.