Jefferson Arms Buyer Sets Construction Time Frame

By on November 14, 2017

From St. Louis Business Journal:  Roughly a month after closing on a $7 million acquisition of the Jefferson Arms building in downtown St. Louis, Alterra International President Mike Sarimsakci said the Dallas-based firm will begin on its $104 million redevelopment in March 2018.

Construction on the historic rehab will be done in two phases.

Alterra initially will finish work on the first two floors of the building, along with the parking garage in the basement. Work on that phase is expected to take about 12 months, Sarimsakci said.

“We want to activate the block and get the retail going,” Sarimsakci said.

The second phase will work on the bulk of the building, which will ultimately include an approximately 200-room Marriott-branded AC Hotel and more than 200 single-family apartments.

The second phase, Sarimsakci said, should take an additional 12 months, meaning the entire project could be complete sometime in 2020.

Financing on the project will be shored up by early 2018, Sarimsakci said.

Alterra is using $17.4 million in tax increment financing (TIF) to help fund the historic redevelopment. Sarimsakci said the firm also hopes to utilize between $15 million and $18 million in state historic tax credits. Federal historic tax credits are also expected to be secured, along with financing through the U.S. Department of Energy’s Property Assessed Clean Energy Programs (PACE).

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