ST. LOUIS — Opus Group is proposing to develop a nearly $34 million, ground-up apartment project in downtown St. Louis.
The Minneapolis-based company, which has a Clayton office, is eyeing the vacant lot at 1014 Spruce St. to develop 146 market-rate apartments, 3,000 square feet of commercial space and 55 parking spots, according to city documents. Rental rates were not disclosed, but the city's average is $978 and has a 94.1% occupancy rate, Berkadia research shows.
The lot, about two blocks from Busch Stadium, is currently owned by the city's treasurer, which reportedly will sell it to Opus Group for $2.5 million, documents show. The property is currently assessed for $264,000.
Together with construction costs, the total investment from Opus Group would be nearly $34 million.
The city's Land Clearance for Redevelopment Authority is expected to review the firm's request for 10 years of tax abatement at this week's meeting, according to documents.
“We are in the early stages of planning a mixed-use multi-family and retail development on Spruce Street in downtown St. Louis and have been collaborating with our stakeholders throughout this process. We look forward to sharing further information in the coming months as this project continues to develop," Ryan Carlie, director, real estate development at Opus in St. Louis, said in an email.
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