Renaissance Revival Building in St. Louis Gets New Life through Capital
Legal Representation by Winthrop & Weinstine,
MINNEAPOLIS – August 11, 2014 – Winthrop &
Weinstine announced that its client Dominium closed on over $100M in debt and
equity financing for the rehabilitation of the historic Arcade Building in St.
Louis, MO. Dominium is a leading national apartment developer
specializing in affordable housing. Dominium will renovate the
18-story, 538,000 square foot building at Eighth and Olive streets downtown St.
Louis into 282 artist loft apartments and Webster University’s new Gateway Campus, which is scheduled for completion in late 2015.
The Arcade Building has had a checkered past,
being vacant for almost 20 years and having been most recently acquired out of
foreclosure by the city of St. Louis’ Land Clearance for Redevelopment
Authority with the help of Pulaski Bank. According to Jon Peterson, shareholder at Winthrop & Weinstine, the financial and political
assistance of the City of St. Louis was crucial to making this project come
together with financial assistance from monetization of federal new market tax credits,
federal and state historic tax credits, federal low income housing tax credits,
tax-exempt bonds, and a variety of other highly specialized financing
sources. Assisting with such financing is a specialty of Winthrop &
Weinstine which has earned the firm national recognition for such work.
“It’s very rewarding to see our work on behalf
of Dominium come to fruition. We know that the city of St. Louis will
benefit greatly from the $100M renovation of this once vacant historic
building. The largest project taken on by Dominium in St. Louis, it promises to
be a significant downtown property when it opens,” added Todd Urness. “It is a
testimony to the unique ability, economic and personal resources, and expertise
that Dominium brought to the transaction that enabled them to complete a deal
that was extremely complex and difficult to put together, but one that is very
important for the future. We congratulate them, and are glad to have the
opportunity to assist them in this goal.”
In addition to Peterson, Todd Urness, Paul
Markwardt, Jeffrey Drennan and Jacob Bean, counseled Dominium on navigating the
intricacies of these varied financing sources into a cohesive structure that
allows all parties to work together to make this fantastic project a reality.
"We are excited to provide the St. Louis
region with a development that attracts artists to the area and gives them work
and performance space to spur their creativity," said Jeffrey Huggett, Vice President and Project Partner. "Cities with flourishing artist communities attract other
artists and new residents seeking a vibrant cultural environment. Our
experience has proven that artist lofts are economic development drivers. ”
& Weinstine, P.A.
Winthrop & Weinstine is a dynamic and growing law firm focused on
building strong client relationships through responsiveness, innovation and
creativity. The firm enjoys steady growth by meeting the diverse needs of
its clients from individuals and emerging-growth businesses to Fortune 500
companies in an impressive array of industries throughout the Twin Cities and
To read more about the firm's Affordable Housing practice, please visit www.winthrop.com/affordablehousing