In a blog post in October, CMT wrote about how the Loop Trolley’s addition to the Delmar area would affect development. Now in more detail, we are pleased to expound on the Gotham apartment building which will be gracing the area as a prime example of Transit-Oriented Development (TOD).
This $11.4 million renovation of a six-story 1925 apartment hotel and site work on the construction of a three-story mixed-use building at Delmar Boulevard and Hamilton Avenue began earlier this year. This project is the work of St. Louis Design Alliance, an architecture and development firm. Jeff Mugg, vice president of St. Louis Design Alliance, believes the Loop Trolley will truly benefit the Gotham Project, seeing as it will pass right by the new building, which will be called the Gotham Annex. The Annex (three-story mixed-use building) will house 18 apartments on top two floors and the main floor will host 5,900 square feet of commercial area, with hopes of a restaurant to occupy some of that space. Whereas, the historic Gotham building renovation, which originally consisted of 72 rooms, will be recreated as 54 market rate apartments.
“The Gotham is within the Hamilton Place national historic district and, therefore, qualifies for historic preservation tax credits. Financing of the Gotham renovation includes $2.2 million in state and federal historic tax credits. Mugg said the credits — $1.25 in state credits and $880,000 in federal credits — are essential to the financing mixture. ‘This project could not have been done without the use of federal and state historic tax credits,’ he said.”
Overall, Jeff Mugg thinks the Gotham development holds the promise to revitalize the eastern end of the Delmar Loop and it will be very exciting to see what comes of the available space!
Image courtesy of St. Louis Design Alliance.