Salviccio Rides Residential Redevelopment Wave
- Dec 15, 2016
By Veronica Grecu
St. Louis, Mo.—A St. Louis residential developer recently acquired a vacant bank building at 4650 Hampton Ave. with plans to convert the property into modern loft apartments.
Salviccio Properties paid $620,000 for the 14,000-square-foot building. The deal was brokered by Hilliker Corp.’s Will Aschinger on behalf of the buyer, while NAI DESCO’s Noel Fehr represented the seller, Anheuser-Busch Employee Credit Union.
The new owner plans to invest $1 million to redevelop the two-story building into 15 high-efficiency apartments ranging in size from 650 to 800 square feet. Dubbed SOHA Lofts, the project will include a high-end kitchen with granite countertops and stainless steel appliances, a master bedroom and one-and-a-half baths. Monthly rents will range between $750 and $950 per unit.
According to the developer, the redevelopment plans also call for a full rooftop deck with an outdoor kitchen, exterior seating and fire pits. Residents will also have access to a parking lot for 44 vehicles.
Salviccio Properties’ reconversion plans for 4650 Hampton Ave. follow a trend toward repurposing commercial buildings in St. Louis, where demand for housing is strong, nextSTL reported. Similar projects recently completed in the city include the residential conversion of the former Hope Lutheran School located at 5320 Brannon in the Southampton neighborhood. The century-old school was redeveloped by Advantes Development into 22 much-needed rental units. The same development company went on to transform the 67,000-square-foot Lafayette Elementary School in the historic Soulard neighborhood into a modern apartment building with 36 units.