1701-1709 Locust St
Saint Louis, MO 63103
Industrial Property For Sale

Auction:6/5 - 6/7: The Pennant Building - Resident. Property tours are available by appointment. Please contact the listing broker to schedule a tour of the property. Investment Highlights: *Federal & State Tax Credits *Proximity to New NGA West Campus Headquarters *Strong Multi-Family Market Investment Overview: Cushman & Wakefield is pleased to offer for sale, on behalf of the Property Ownership, the 100% fee simple interest in The Pennant Building located at 1701 Locust Street, St. Louis, MO. The building is a premier multi-family/"loft" redevelopment opportunity positioned in the heart of St. Louis' "Loft District." As-is, the building contains 76,120 square feet consisting of 4 stories and a basement level (included in square footage) with an additional 8,883 SF penthouse approved. A preliminary redevelopment plan includes 53 multifamily units, four live/work studios and 36 garage parking spaces. A full set of plans has been approved and will be provided to the buyer. Federal & State Tax Credits The building has been placed in the National Register. The Pennant Building has been granted State and Federal tax credits. Proximity to New NGA West Campus Headquarters The Pennant Building is located approximately 1/2 mile southeast of the new NGA West Campus Headquarters, a $1.75 billion US government facility that will employ approximately 3,150 employees. Construction of the NGA West Campus is expected to begin in the summer of 2017. This project will have an extremely positive impact on The Pennant Building, the surrounding neighborhood and the City of St. Louis. Ample Parking Parking can be provided in the basement level of the building. A preliminary redevelopment plan includes 36 parking spaces. Strong Multi-Family Market Even with significant inventory increases, the vacancy rate continues to decrease and sits at an impressive 4% as of Q2 2016. The vast majority of inventory completions have been historic building renovations into loft apartments for market and affordable rate multifamily properties. With redevelopment activity failing to keep up with robust demand, rental rates are expected to continue to rise for the next several years. Window Plans Approved The plans for all the entries and storefronts as well as all windows in the building have been approved by the National Park Service.