The $104 million project to transform the historic Jefferson Arms building in Downtown St. Louis into a vibrant, residential and commercial development will proceed following an extension unanimously approved by the St. Louis Board of Aldermen. The developer, Alterra Worldwide, is pledging to use 100 percent union labor for the project. Construction to start in 2022 and complete by mid-2025.
Jefferson Arms has a rich, sentimental history, and Alterra is proud to move forward to transform this iconic property into a valued destination and living space for the St. Louis community. We thank Alderwoman Taminka Hubbard, Mayor Lyda Krewson, St. Louis Development Corporation Executive Director Otis Williams, Lewis E. Reed and all members of the Board of Aldermen for their support of this transformative project. We are also very grateful for our fantastic relationship with the Carpenter’s Union and, especially, Executive Secretary-Treasurer Albert Bond for his role.
“Along with the National Geospatial-Intelligence Agency (NGA) campus, St. Louis City Major League Soccer Stadium and Square’s renovation of the former St. Louis Post-Dispatch building, Jefferson Arms will be a great addition to the City of St. Louis and will be key in meeting the increased demand. I would like to thank the local St. Louis subcontractor community for believing in the project and supporting us along the way. We are eager to break the ground on this historically significant project,” said Alterra Chief Construction Officer Emre Terazi.
“Given the historic building’s extensive environmental remediation and rehabilitation costs, the execution of $20 million in Tax Increment Financing (TIF) was essential to successfully fund the development of Jefferson Arms,” said Alterra Chief Investment Officer, Jose Quesada. “This extension secures this funding for this transformative project.”
Built in 1904 in anticipation of the first World’s Fair, the Jefferson Arms development is centrally located in Downtown St. Louis within walking distance of the Cardinals Busch Stadium, America’s Center Convention Complex, Kiener Plaza and the historic, newly renovated Arch Grounds. The building has been vacant since 2006.
When the renovation is complete, the project will beautifully meld historic elements like exposed brick and original flooring with modern elements such as imported tiles and mosaics, new cabinets, energy-efficient appliances with stainless steel finishes and quartz countertops. Amenities for the tenants will include a fitness and yoga studio, business center and community spaces such as game room, media room, music room and art room.
Alterra Worldwide is the next generation of commercial real estate developers. The Dallas based full-service, vertically integrated company has expertise in ownership, all aspects of development and construction of mixed use projects including hotel, residences and retail. The company’s projects deliver a lifestyle where people live, work and play seamlessly in locations such as Dallas, St. Louis, San Jose and Istanbul.