Laclede Gas building sold for $5 million.... (real estate, apartments, condos)

[MUTGR]

Hayden buys Laclede Gas Building for $5 million : Business

...seller purchased it for $10.5 million in 2007. Ouch!

[FrankMiller]

Ugh, stltoday.com is hardly worth trying to read anymore.

[Brickmama]

111 residential apartments going into the building to make it mixed use. That's a good thing. It would also be nice if larger established companies in the area realized they can buy a downtown tower for 5 million.

[Chicago76]

Originally Posted by Brickmama

It would also be nice if larger established companies in the area realized they can buy a downtown tower for 5 million.

I agree completely. It's pretty amazing that you can buy an office tower that needs some work (but isn't completely functionally obsolete like early 20th Cen office buildings are) for $12 per square foot. The thing is a "Class A" office property that just needs a few updates.

I wonder what the market will be like for those units though. Only 6 3000 sq ft condos have sold in the last 24 months and there have been another 19 between 2000-3000 sq ft that have sold over the same period. If they re-do the top half of the floors, depending upon the average size, that's between 60-110 of these things.

[Dawn10am]

That's a very disappointing price for a downtown tower, but it's good to see more residential coming to that part of downtown. I also really admire that developer for not taking public subsidies for any of his projects. It's amazing how much faster these things move when they're not bogged down with government red tape. The Olive corridor has so much potential. I'd like to see it develop as a more white collar, mature version of Wash Ave.

[Citykid644]

I think the price of the building is right rage sadly. The 2007 price of 10 million was right before during the pick of the real estate bubble and the building is loosing it's largest tenant. I don't like the price but I agree with it.