ST. LOUIS — The owner of a vacant, downtown St. Louis office building is seeking incentives for a nearly $5 million redevelopment at the intersection of Washington Avenue and Broadway.
Dan Cook of P & F Properties LLC plans to renovate the three-story office building at 505 Washington Ave. for $4.59 million. He plans to use private funds and historic tax credits to finance the project, and is also requesting tax abatement for the 58,119-square-foot building.
The city's Land Clearance for Redevelopment Authority on Tuesday voted to recommend the project receive 10 years of tax abatement at 75% of the property's assessed value. It will still need to go before the city's Planning Commission and Board of Aldermen, which have final approval.
P & F Properties acquired the property in 2016 for $1.6 million from St. Louis-based Greater Missouri Builders Inc., according to real estate research firm Reonomy.
The downtown central business district office market has struggled to attract investment and tenants over the years. It currently has highest vacancy rate in the metro area at 19.3% and reports one of the lowest Class A lease rates at $18.16 per square foot, according to the latest Cushman & Wakefield research.