REDEVELOPMENT OPPORTUNITY FOR SALE THE PENNANT BUILDING 1701-09 LOCUST STREET SAINT LOUIS, MO 63103 GAREN LAFSER TYLER ALMS 314.374.3687 314.803.3170 [email protected][email protected]PRESIDENT & DESIGNATED BROKER ASSOCIATE No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawal without notice, prior lease or sale and any other listing conditions imposed by the principals. 1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110 SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
P R O P E RT Y I N F O R M AT I O N
4 PROPERTY SUMMARY
5 REDEVELOPMENT RENDERING & INFORMATION
6 LOCATION DESCRIPTION
7 COMPLETE HIGHLIGHTS
P R O P E RT Y P H O TO S
9 EXTERIOR PHOTOS
10 INTERIOR PHOTOS
L O C AT I O N M A P S
12 AERIAL MAP
13 DEVELOPMENT VICINITY MAP
F L O O R P L A N S
15 BASEMENT & 1ST FLOOR PLANS
16 2ND & 3RD FLOOR PLANS
17 4TH & 5TH FLOOR PLANS
D E M O G R A P H I C S
19 DEMOGRAPHICS MAP & REPORT
A D V I S O R B I O S
21 GAREN LAFSER
C O N F I D E N T I A L I T Y & D I S C L A I M E RAll materials and information received or derived from SalientRealty Group, LLC its directors, officers, agents, advisors,affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, oraccuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements,developability or suitability, financial performance of theproperty, projected financial performance of the property for anyparty’s intended use or any and all other matters.
Neither Salient Realty Group, LLC its directors, officers, agents,advisors, or affiliates makes any representation or warranty,express or implied, as to accuracy or completeness of the anymaterials or information provided, derived, or received. Materialsand information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’sactive conduct of its own due diligence to determine these andother matters of significance to such party. Salient Realty Group,LLC will not investigate or verify any such matters or conduct duediligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENTINVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for atransaction is urged to verify all information and to conduct theirown inspections and investigations including through appropriatethird party independent professionals selected by such party. Allfinancial data should be verified by the party including byobtaining and reading applicable documents and reports andconsulting appropriate independent professionals. Salient RealtyGroup, LLC makes no warranties and/or representations regardingthe veracity, completeness, or relevance of any financial data orassumptions. Salient Realty Group, LLC does not serve as afinancial advisor to any party regarding any proposed transaction.All data and assumptions regarding financial performance,including that used for financial modeling purposes, may differfrom actual data or performance. Any estimates of market rentsand/or projected rents that may be provided to a party do notnecessarily mean that rents can be established at or increased tothat level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancyfactors and other issues in order to determine rents from or forthe property.
Legal questions should be discussed by the party with an attorney.Tax questions should be discussed by the party with a certifiedpublic accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questionsregarding the condition of the property and whether the propertycomplies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects,contractors, other consultants and governmental agencies. Allproperties and services are marketed by Salient Realty Group, LLCin compliance with all applicable fair housing and equalopportunity laws.
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
OFFERING SUMMARY
Sale Price: $2,900,000
Price Per SF $38.10/SF
Building Size incl. Basement: 76,120 SF
Basement Size 14,500 SF (36 Spaces)
Number of Floors 4 (Able to Add 5th FloorPenthouse - 8,166 SF)
Structure Concrete & Masonry
Year Built 1926
PROPERTY DESCRIPTION
The historic Pennant Building is located at 1701 Locust Street in St.Louis, MO in the Downtown West submarket of St. Louis City. Thebuilding is a premier multifamily, or creative office redevelopmentopportunity. The building is comprised of of +/-76,120 square feetacross four stories and the basement level. There is also an ability toadd a 8,166 SF penthouse that has been approved to be built. Thegarage is suitable for underground parking with ramp access. Apreliminary redevelopment plan includes 57 multifamily units, tworetail units, and 36 garage parking spaces (possible 12-space parkingexpansion on 1st floor). Interior demo has been largely completed. Oneof the last remaining undeveloped buildings in the area.
PROPERTY HIGHLIGHTS
Premier Multifamily Redevelopment Opportunity
Fed & State Historic Tax Credits - Approved Applications
Preliminary Plans for 57 Multifamily Units and 2 Retail Units
+/-76,120 Total SF Across 4 Floors and Basement Level
Ability to add a 8,166 SF Penthouse (5th floor) on Roof
Basement with Up to 36 Parking Spaces
Concrete Structure & Masonry Exterior
Near New MLS Stadium and All of the Downtown and DowntownWest Developments
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
Pennant Building Redevelopment Rendering with Rooftop Penthouse Addition
MARKET RENT SUMMARY
UNITY TYPE RENT/SF
Apartments $1.75/SF
Retail $15.37/SF NNN
Office $18-20/SF FS
REDEVELOPMENT OPTIONSA preliminary redevelopment plan calls fordeveloping the building into 57 apartments,two retail units, and 36 garage parkingspaces underground via ramp access. It ispossible to gain 12 parking spaces on the 1stfloor with some plan modifications.
The building can also be redeveloped intoother uses as well including creative office,hospitality, or some combination of uses.
HISTORIC TAX CREDITS &OTHER INCENTIVESFederal & State Historic Tax creditsare available for this project. Thepreliminary plans that have beenmentioned have approved tax creditsapplications and allocations.
For more information on the Federal& State Tax Credits, please contactthe broker.
Other incentives may be available aswell.
REDEVELOPMENT RENDERING & INFORMATION 1701-09 LOCUST STREET
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
LOCATION DESCRIPTION
The subject property is located in Downtown West in the City ofSt. Louis, a neighborhood which has seen an explosion of activityin the past few years. Most notably, a new Major League SoccerStadium is under construction a few blocks from the subjectproperty. This has been a major draw for development and fornew businesses flocking to the area. Even before the stadium wasannounced, many businesses decided to move into the area, suchas Twain Financial Partners, who redeveloped the property at 20thand Washington Avenue as their new headquarters. Square/Blockhas also just redeveloped their headquarters a few blocks awayfor 1701 Locust. Directly across the street from 1701 Locust, theButler Brother's Building is currently being redeveloped as well($130+ million project). Multiple apartment redevelopments havebeen successfully completed – Monogram on Washington, AdlerAnnex, the Lofts at the HUPP, the Beatrice, and multiple others.Development/redevelopment opportunities have becomeincreasingly rare in the area. In addition to all of this, just to theNorth of the neighborhood is the new headquarters for theNational Geospatial Agency. This Federal project is underway andhas a projected cost of $1.75 Billion. The Agency currently has3,000+ high paying jobs and that number is expected to increaseover the next few years. Development activity continues toincrease and investment demand is very strong in the area. This isone of the last remaining undeveloped buildings in the area.
SITE DESCRIPTION
The property is at the corner of Locust Street and 17th Street.The Northern street is St. Charles Street. The property is a cornerproperty with a building adjoining it to the West (1711 Locust).The property is surrounded by buildings of a similar vintage andcharacter. Many of the buildings surrounding the property eitherhave plans for redevelopment or have already undergonerenovations.
PARKING DESCRIPTION
36 garage parking spaces with ramp access and possible 12-spaceparking expansion on 1st Floor.
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
LOCATION INFORMATION
Building Name The Pennant Building
Street Address 1701-09 Locust Street
City, State, Zip Saint Louis, MO 63103
County Saint Louis City
Market St. Louis City
Sub-market Downtown West
Cross-Streets 17th & Locust
BUILDING INFORMATION
Number of Floors 4
Average Floor Size 15,224 SF
Year Built 1926
Column Space 19 ft
Roof Flat
Number of Buildings 1
Parking Spaces 36 Spaces In Basement w/ramp access
PROPERTY HIGHLIGHTS
Premier Multifamily Redevelopment Opportunity
Fed & State Historic Tax Credits - Approved Applications
Preliminary Plans for 57 Multifamily Units and 2 Retail Units
+/-76,120 Total SF Across 4 Floors and Basement Level
Ability to add a 8,166 SF Penthouse (5th floor) on Roof
Basement with Up to 36 Parking Spaces
Concrete Structure & Masonry Exterior
Near New MLS Stadium and All of the Downtown andDowntown West Developments
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
Rendering of Proposed Clubroom Rendering of Proposed Fitness Center
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
No expressed or implied warranty or representation is made as to the accuracy of the information contained herein. This property is submitted subject to errors, omissions, change of price, withdrawalwithout notice, prior lease or sale and any other listing conditions imposed by the principals.
1000 S NEWSTEAD AVENUE | ST. LOUIS, MO 63110SALIENTREALTYGROUP.COM
Garen has his Missouri Real Estate Brokers Associate License and serves as President and the designated broker for Salient Realty Group.He has helped many different clients locate high potential properties and provides other various real estate services for his clients aswell. Over his career he has had the privilege of working on a variety of projects ranging in size from $250,000 to $100 million. He hasnot only provided brokerage services for these projects but also other various services including economic modeling, securing financingfor projects, PACE financing energy engineering reports, historic tax credit consulting, Brownfield tax credit consulting, energyefficiency consulting and more. Because of his vast experience in the real estate industry, Garen brings much more to his clients thanjust brokerage services.
EDUCATION
Master's in Business Administration from Liberty University in Virginia
