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Industrial Property Development

Alverne Redevelopment is now in the sights of Sam Berger. He is looking to redevelop the “Dormant” St. Louis, MO Downtown Structure

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Sam Berger, Current Owner, of the Alverne Building is looking to take the project to the next step.  Looking to engage tax credits (Federal and State) and Brownfield Funds that will allow the building to transform to the next level of  development.

Mr. Berger is looking for the most competetive contractors that are amply able to provide; demolition, asbestos, lead, bulbs, ballasts, and other remedial steps along with the requisite remediation steps such as window, wall and floor work as is normal in this type of project.

The project will be competitively bid.  Please post on this blog if you are interest, include your complete contact information and company details so that Mr. Berger and his representatives can contact you.

Sam Berger – Cerberus Investments LLC.,  7531 Forsyth Blvd. St. Louis, Mo. 63105
http://www.cerberusinvestments.com/ 
Tel. 314.721.2100 ext. 50 / Fax. 314.721.6260

EJ Spirtas
Author and Private Consultant
EJ Spirtas Group, LLC
www.ejspirtasgroup.com

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Monday, December 17, 2007

What’s Left to Rehab? (Part II – The Alverne Building) – By Brian

The Alverne Building at 1014-1024 Locust is a 16-story, 160,000 sf structure designed by noted architect Tom Barnett and built in 1923. It originally served as home of the St. Louis City Club and later as the Hotel DeSoto. In its most recent incarnation, it housed apartments for senior citizens operated by the St. Louis Archdiocese. Its first floor space has housed numerous nightclubs over the years, the most notable being The Living Room.

Despite its addition to the National Register of Historic Places (which would qualify its renovation for federal tax credits), the building has sat vacant for some time now. Since 2000, it has been owned by Alverne Associates LLC – Stephen L. Wells of Ladue and Sam Berger of Clayton are listed as members of the ownership group. In 1997, Ken Flynn and Christi Waggener purchased the building with the intent to renovate it into residences, but sadly, that plan never materialized.

The small windows on the building’s north and west elevations most likely negatively affect its conduciveness for use as an office building, but the building would work well as apartments or a hotel. It has two ballrooms, including one on the top floor that features some amazing views of the city. Its ground floor is ideal for retail or a restaurant.

Unfortunately, the Alverne’s original cornices have been removed, but with a full restoration, it could regain its original “wow” factor and would provide a nice complement to the beautifully-renovated Louderman Building to the west.

The Alverne is currently listed for sale by Eric Friedman of The Friedman Group for $3,400,000.

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