ST. LOUIS — The architect and developer that purchased the Chemical Building in downtown St. Louis is planning to rehabilitate the structure as a hotel using historic tax credits.
New Orleans-based architectural firm John T. Campo & Associates plans to renovate the 125-year-old Chemical Building, 721 Olive St., as a dual-branded hotel after paying $5 million for the structure in December. The seller was an entity affiliated with Morgan Communities, an upstate New York-based commercial real estate firm.
The 17-story building has been mostly vacant for years, but was most recently used as an office building with ground-floor retail. A series of redevelopment plans from prospective owners, including an extension of the Hotel Saint Louis next door, have fallen through in the past five years. Those also include the prior owner's plan to turn the building into micro apartments.
“Our intent is to breathe new life into this gorgeous structure and avoid demolition by neglect,” when a building deteriorates so much that it must be demolished rather than reused, firm owner and architect John Campo said at a city meeting Wednesday.
The new owner did not give specifics on the building’s disrepair other than missing windows, but he called it a “stunning building” with “so much character.” He did not give any details on projected costs for the project, although he noted that construction costs continue to rise.
Campo said his firm specializes in historic reuse projects and sees the site in downtown St. Louis as a perfect candidate for rehabilitation, with the help of federal and state historic tax credits. The building is listed on the National Register of Historic Places. The firm has overhauled other historic buildings throughout the country, including in Cincinnati, Louisville, San Antonio, and Birmingham.
“The location is exceptional for a hotel project,” Campo said of the Chemical Building.
The development would include a full-service restaurant, meeting rooms, fitness center and a lobby and lobby bar area, he added. It is “absolutely necessary” that the hotel have 240 rooms in order to make the project financially feasible, he said. Campo and representatives of his firm did not respond to requests for comment for more details on the plan.
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