1717 Olive St
Saint Louis, MO 63103

Auction:6/5 - 6/7: Butler Brothers Building - Residential Property tours are available by appointment. Please contact the listing broker to schedule a tour of the property. Investment Highlights: *Federal & State Tax Credits *Proximity to New NGA West Campus Headquarters *Strong Multi-Family Market *Ample Parking Investment Overview: Cushman & Wakefield is pleased to offer for sale, on behalf of the Property Ownership, the 100% fee simple interest in the Butler Brother's building located at 1717 Olive Street, St. Louis, MO. The building is a premier multi-family/hotel "loft" redevelopment opportunity positioned in the heart of St. Louis' "Loft District." As-is, the building totals 718,660 square feet (including partial basement of 27,600 SF) and consists of 8 stories. A preliminary redevelopment plan includes 342 multifamily units with 397 garage parking spaces and two retail spaces. A portion of the property could also be redeveloped into a hotel that would compliment the multifamily units. Federal & State Tax Credits The building has been placed in the National Register so a significant amount of groundwork has been completed for regulatory approval, shortening the timeline from purchase to renovation completion. The Butler Brothers Building has been granted tax credits from the State of Missouri and for Federal Tax credits. Scarcity of Large CBD Redevelopment Opportunities The subject property represents an excellent opportunity to acquire one of the last large historic buildings located downtown that can be redeveloped as a residential/hotel project. Proximity to New NGA West Campus Headquarters The Butler Brothers Building is located approximately 1/2 mile southeast of the new NGA West Campus Headquarters, a $1.75 billion US government facility that will employ approximately 3,150 employees. Construction of the NGA West Campus is expected to begin in the summer of 2017. This project will have an extremely positive impact on the Butler Brothers Building, the surrounding neighborhood and the City of St. Louis. Strong Multi-Family Market Even with significant inventory increases, the vacancy rate continues to decrease and sits at an impressive 4% as of Q2 2016. The vast majority of inventory completions have been historic building renovations into loft apartments for market and affordable rate multifamily properties. With redevelopment activity failing to keep up with robust demand, rent