Huge downtown St. Louis building may become apartment complex | Local Business
Butler Brothers building at 1717 Olive
One of the largest underutilized buildings in downtown St. Louis, the Butler Brothers’ mammoth building, could be renovated as an apartment.
Once a distribution center for Ben Franklin stores, the historic building spans an entire block on Olive Street and 18th Street.
Cassidy Turley, the real estate company marketing the structure, has the idea of converting the eight-story building into 342 apartments. Included in the plan are garage parking spaces for almost 400 vehicles, retail space and even a two-story penthouse.
Mike Hanrahan, senior managing director at Cassidy Turley, said the building’s owner hadn’t set a fixed price, but added that it would likely be around $ 18 million.
City records show that Sovereign Partners, a private real estate investment company in New York, bought the building for nearly $ 13.4 million in 2007. A representative from Sovereign Partners did not return a call on Thursday.
The Butler Brothers building is in a residential growth corridor that sneaks west from Tucker Boulevard. Recent examples of renovations in the area include Plaza Square Apartments and Leather Trades’ artist lofts.
According to Hanrahan, Cassidy Turley receives inquiries from potential buyers locally and nationally.