THE FIELDER LOFTS
The Fielder Lofts is a proposed 125-unit luxury mixed use retail/multifamily development to be located on a 1 acre tract at 620 Market Street, St. Louis, MO, formerly occupied by St. Louis landmark, Shannon’s Steaks and Seafood. It is on the north boundary of the Ballpark Village Entertainment District which is adjacent to Busch Stadium, the home of the St. Louis Cardinals. In the area are the regional HQ for Pwc, and KPMG, the national HQ for Peabody Energy Corporation, the HQ for Spire, the state-wide gas supplier, and so many dining and drinking options. The site is in an Opportunity Zone with all of its associated economic benefits. The world famous St. Louis Arch is visible to most unit to the northeast and Busch Stadium to the south.
A Metro link rail stop is only two blocks away. A new urban Target has been announced only a light rail stop away on Grand Blvd. A number of other major employers and entertainment options are in the area, too, such as City Government and the St. Louis Blues’ Enterprise Center. Other luxury living areas exist in the immediate area. The City is investing heavily in street-scaping and other infrastructure to promote walkability on 7th Street (the west side of the property) to downtown’s thriving Washington Avenue.
The nature and timing of the entitlements required are as follows, from this date: 7 months (6-1-22) to get the re-zoning and plan/plat approved. The project will also seek tax increment financing which will be sought, concurrently.
The developer is building another project in the Central West End at 41st and Lindell Boulevard so, he is very familiar with the area. He has built projects of similar size in other states, too. With the strong nearby job growth and increasing lack of affordability, the market is attractive. Rents growth has been in the Top 30 of the Top 50 markets. The affordability makes St. Louis a strong work-from-home market.
The existing building and garage on the development site will be razed for the subject’s new construction, which will occupy the entire site. The construction will be a 3-story garage with 5 stories of wood-frame units above. There will be both street and paid garage parking. Public dog park areas abound and a 3rd floor courtyard facing the east will provide residents with an outdoor pool and yoga. A roof top viewing deck of the Arch and the Stadium and the skyline will be a great amenity. An on-site leasing office, cyber cafe and a community/fitness area will be placed on the ground floor along with 4955 square feet of retail/restaurant space.
The developer will be meeting with the neighborhood groups and will be meeting with and city community development officials to obtain the entitlements necessary for the development. Redevelopment of downtown is still critical to St. Louis’ economic future as an active and vibrant area.
Amenities include the above amenities, high-end appliances, 9-10 foot ceilings, in-unit washer/dryers, ceiling fans, and central heat/air conditioning. The design will complement the surrounding neighborhood. An air-filtering system, outdoor area(s), stringent sanitation practices and touchless technology will be in place to ease any pathogen crisis.
The rental rates are shown below:
The rents are consistent with other luxury rents in the market, if not less than the immediate comparable properties. The latest reports have the overall vacancy in the area at 5% and rent growth in the submarket has been 13% year-over-year since Covid.
Project costs will total approximately $31 million dollars, to be made possible by limited partner and sponsor equity and a construction/perm loan. The project developer is Garrison L. Hassenflu. Mr. Hassenflu is Managing Member of MW Development Enterprises, LLC, the development entity. He is also President of Garrison Management Company, the property’ property manager. These companies along with other affiliated companies make up the umbrella entity, Garrison and MW Companies (www.garrisoncompanies.com). He has over twenty five years of experience in development, having developed over $140,000,000 in affordable and mixed income living units totaling over 1300 units in six states. Currently, he has a portfolio of seven projects totaling approximately 300 apartment units that he has built and managed in the last twenty years.
The project will be designed by B+A Architecture, KC, MO, and construction managed by an area general contractor.
We expect a September 15, 2022 construction start with an October 15, 2023 completion. We expect absorption of 25 units per month on average.