The Jewel
in the Central West End’s Crown
By Scott Hall
The State of Missouri has multiple tax credit programs to
provide incentives for investments and charitable contributions
to approved projects. This regular column features examples
of how the various Missouri state tax credit programs benefit
the State, generally, and St. Louis in particular.
Don’t look now, but something is changing in St. Louis. It’s
back. And nowhere is local redevelopment adding more to the
community than in St. Louis’ Central West End. The most recent
addition to the Central West End is its first historic loft
apartment building, the Crown Lofts. Due to the vision of Owen
Development, the aid of Missouri State and Federal Historic
Tax Credits, and a creative financing package put together by
Firstar Community Development Corporation, the Crown Lofts redevelopment
is an exciting example of the kind of public-private partnership
that can benefit St. Louis neighborhoods.
In the shadow of two great City landmarks, Barnes-Jewish Hospital
and Forest Park, the Central West End saw its first wave of
development almost 100 years ago for the St. Louis World’s Fair.
The neighborhood continued to be the most prestigious area in
the City throughout the first half of the 1900s and included
notable boutiques like Montaldo’s. Built in 1906, the Crown
Lofts building was a part of this initial growth and was originally
home to the Sanitol Chemical Laboratory Company. Designed by
legendary St. Louis architect George W. Hellmuth, the building
was the first attempt to recognize the commercial potential
of this previously residential area. Soon others followed, making
the area between Forest Park and Saint Louis University a center
of commercial and industrial activity. After Sanitol Chemical
moved, the building was home to Johnson Stephens & Shinkle Shoe
Company and later to Borden Dairy and Crown Foods.
During the ’60s and ’70s the Central West End experienced problems
like many other urban neighborhoods. Many of the neighborhood’s
major tenants moved out of the area as St. Louisans moved westward.
However, in the last 15 years the area has experienced a re-birth.
The latest component of this re-birth is the conversion of the
old Crown Foods building into St. Louis’ finest historic loft
condominiums.
Boasting hardwood floors, vaulted ceilings, and state-of-the-art
security systems, the Crown Lofts will be appealing to anyone
who wants to rediscover St. Louis. Designed by Trivers & Associates
and built by Metropolitan Design and Build, these apartments
will not only house the city’s most up-scale units, but they
will also serve as a catalyst for other area redevelopment.
Sitting on a two-acre site at the corner of Laclede and Boyle,
the Crown Lofts property will be an anchor for the neighborhood
between Saint Louis University and Barnes Hospital by linking
several areas of redevelopment. The building is situated on
the outskirts of the successful re-development that has been
rejuvenating the Central West End and is near the Center for
Emerging Technologies, Saint Louis University, and Grand Center.
Steve Trampe of Owen Development hopes the opening of the Crown
Lofts will attract collateral development, creating a vibrant
neighborhood that connects these St. Louis centerpieces. “I
think what makes this building important is that it had been
for sale for a long time. This whole block could have gone either
way,” Trampe says.
The redevelopment of the Crown Lofts would likely never have
happened if not for the Missouri State and Federal Historic
Tax Credits. Allocated by the Department of Economic Development,
these credits dictate that where rehabilitation expenses exceed
50 percent of total cost basis on a state historic structure,
a tax credit equal to 25 percent of the qualified rehabilitation
cost is given. Often, as in the case of the Crown Lofts, this
can make or break a project. “This project sat without a destiny
since 1984 and it would have continued to do that if not for
the State and Federal Credits. These credits have allowed us
to turn this into a first-class project,” Trampe notes. Indeed,
this and similar developments are important because they may
hold the key to redevelopment of entire districts. “By using
the state and federal tax credits made available for developments
that preserve our history, we can continue to partner with developers
dedicated to the city’s revitalization,” says Zack Boyers, vice
president of Firstar. “This is a perfect case of a private developer
working with us to find a solution to the challenges the building
structure and economics presented.”
With its storied history it is easy to see why the Crown Lofts
building was worth saving. However, it is not the building’s
history, but its future that makes it the centerpiece of a vital
St. Louis neighborhood. Thanks to a little help from the Federal
and Missouri State Historic Tax Credits, the Crown Lofts will
help connect Barnes Hospital, Saint Louis University, and Grand
Center, and fuel the redevelopment that is bringing the city
back in style.
Scott Hall is an associate of DFC Group, Inc., tax credit consultants
to the Firstar Tax Credit Clearinghouse.
