The development and design team of Lawrence Group and New + Found are beginning work on a full rebuild of Mansion House apartments, a nearly 60-year-old multifamily community located in downtown St. Louis, Mo. near the Gateway Arch.
The sister firms, both headed by CEO Steve Smith, are partnering with ownership entity Coral Mountain Owner, LLC on the $195 million project, which will bring 415 apartments back online in one of the largest real estate investments in downtown St. Louis in decades. It’s taking place fresh off the partners’ success with the adaptive reuse of the 15-acre City Foundry STL mixed-use campus in midtown St. Louis,
The project includes redevelopment of the vacant Mansion House apartments and attached 558-space parking garage at 300 N. Fourth St. The 28-story tower was built in 1966 and is listed on the National Register of Historic Places. The redevelopment will fully renovate the building, which features 130 studio apartments, 207 one-bedroom and 78 two-bedroom units with views of the adjacent Gateway Arch and Mississippi River.
Catalyst Opportunity Funds, a private equity firm focused on affordable and workforce housing, and New + Found broke ground on the project last week. The renovated property is expected to welcome residents by late spring 2027. PARIC is the general contractor. Lawrence Group is the architecture and design firm.
New + Found, a St. Louis real estate investment and development firm, closed on the financing package in late September, setting the stage for the redevelopment to get under way this month. The project is backed by a $57.87 million investment from Salt Lake City-based Catalyst Opportunity Funds. UnitedHealth Group contributed $5.2 million to the Catalyst investment and JPMorganChase is also one of the project’s investors, the St. Louis Business Journal reported.
Other funding includes a U.S. Department of Housing and Urban Development loan serviced by Gershman Mortgage. Gap financing was provided the Arch to Park Equity Fund, which is coordinated by Greater St. Louis, Inc. The project will be receiving state and federal historic tax credits, and the city is providing a 75 percent tax abatement on incremental improvements, SLBJ reported.
A full renovation
The developers plan to reposition the tower into fully-renovated, market-rate multifamily apartments that will be affordable to households earning under 80 percent of area median income. They anticipate rents for the majority of the units will start at $1,110 per month.
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Lawrence Group has designed a full renovation of the building including upgrading unit interiors, improving common areas, enhancing amenities and completely replacing the mechanical and utility systems. Units will get modern finishes along with in-unit washers and dryers.
Amenities will include a dog park, upgraded fitness center, game room, rooftop swimming pool and terrace with views of the Gateway Arch and riverfront.
Lawrence Group officials said they are focused on maintaining the integrity of the building’s original design while upgrading its infrastructure and systems to meet modern standards.
Adaptive reuse focus
The Mansion House redevelopment extends the momentum New + Found built at its recently completed City Foundry STL project, including the multifamily component of the mixed-use campus. Earlier this month, a joint venture between New + Found and Battery Global Advisors secured $57.7 million in financing from Oaktree Capital Management to refinance One Foundry Way, a 270-unit luxury apartment building that’s the multifamily phase of the City Foundry STL project. Located at 3835 Foundry Way, the mixed-use property was delivered in September 2024 and is in the initial stages of lease-up. Construction began on the 14-story multifamily asset in October 2023.
Residents have easy access to the shopping, dining and entertainment offerings at City Foundry STL. The widely acclaimed adaptive reuse project redeveloped a 100-year-old former foundry. A food hall is among the offerings at the site which includes Fresh Thyme Public Market, Puttshack, City Winery and Alamo Drafthouse.
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