Alterra Worldwide Acquires 520 KSF Mixed-Use Asset
- Jul 17, 2017
Alterra Worldwide has acquired Jefferson Arms, a 520,000-square-foot historical building located in downtown St. Louis. The company plans a $104 million renovation strategy to include 240 apartments, a 220-key AC Marriott-brand hotel, and commercial space with restaurants, retail and office spaces. Airmbridge Hospitality will serve as the hotel operator and Merriman Anderson Architects will design the project.
Located at 401-15 N. Tucker, Jefferson Arms development is in close proximity to Cardinals Busch Stadium, America’s Center Convention Complex, Keiner Plaza and the newly renovated Arch Grounds. The 240-units coming online are a mix between old and new, combining original flooring and exposed brick to imported tiles and mosaics, cabinetry and quartz countertops.
Common area amenities will include:
- fitness center
- yoga studio
- art room
- music room
- cinema room
- karaoke room
- game room
- tanning salon
- business center
“Given the historic building’s extensive environmental remediation and rehabilitation costs, the execution of $20 million in Tax Increment Financing (TIF) was essential to successfully fund the development of this transformative project,” Alterra CIO Jose Quesada said in a statement. “We appreciate St. Louis’ support in our effort to redevelop such an iconic building in the downtown area.”
The renovated development will include tenants such as Koleksiyon, a European furniture manufacturer, which will be opening its fourth U.S. location at Jefferson Arms, and Linea Décor, a kitchen cabinet producer from Europe, which will open its largest U.S. showroom.
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