Why an Indianapolis Multifamily Developer is Injecting Nearly $200M Into St. Louis

By on December 4, 2018

From St. Louis Business Journal:  Indianapolis-based Pearl Cos. might be a new player in local multifamily development, but Principal Jeff Tegethoff isn’t a fresh face. He’s a native of the St. Louis region.

His firm, which he leads along with Principal Brad Richey, has nearly $200 million in projects under construction or planned in the St. Louis region. The developments include the $25 million Hibernia apartment project, which is under construction and is to also include a Fields Food, in Dogtown, renovation of the remaining structures at the former City Hospital complex into 74 apartments, a recently announced $70 million mixed-use development around the Forest Park-DeBaliviere MetroLink station and a $75 million mixed-use development in Chesterfield.

Pearl also develops in Indianapolis, Cincinnati and Kansas City. The firm, according to Tegethoff, focuses its projects around three themes: historic renovation; infill developments in historic neighborhoods: and what Tegethoff described as urban-like villages in suburban locations.

The Business Journal recently spoke with Tegethoff, a 1993 graduate of De Smet Jesuit High School, about Pearl’s local projects. The conversation has been edited for length and clarity.

Why has Pearl started developing in St. Louis? St. Louis was on our radar screen going back probably five or six years ago as we were looking to expand outside Indianapolis.

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