Sherman Associates, a real estate development company based in Minneapolis, has purchased a building St. Louis, with plans to develop it into low-cost housing.
The building, which spans 73,000 square feet and is six stories high, is at 1910 Pine Street, near the intersection of Pine and 20th Street, north of Union Station. The St. Louis Business Journal reports that the last owner of the building, according to records of the property, was Forty Four Forty Four Redevelopment Corp, and the reported price of the deal is $1.58m.
St. Louis-based company CRBE was the representative of Sherman Associates during the agreement. John Warren, a CBRE senior associate, told the St. Louis Business Journal that the renovations would include creating 87 housing units that would be available to households with an income of 60% or less of the area’s median. Warren estimates that the project will be complete within 15 months.
During renovations and construction, some companies choose to invest in banner printing. Banners are hung along construction fences to advertise the name of the company doing the work to the local community.
The St. Louis Business Journal reports the appraised value of the property at $292,500. Valerie Doleman, spokesperson for Sherman Associates, told the Journal that construction and historical rehabilitation would begin the fall of 2014.Get a Free Quote for Banners
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