Downtown building gets brownfield tax credits

That same day, the Missouri Department of Economic Development announced it has approved $228,736 in remediation tax credits for the project through the Brownfield Redevelopment Program.

The building has been underutilized for at least a decade, according to a DED news release, and is contaminated with lead-based paint and asbestos.

After South Peer closed last July, four investors behind South Pier LLC – Jerry and Bo Hagerman, Jason Harris and Keith Acuff – bought the building at 317 South Ave. and are installing retail space on the first floor and eight luxury condominiums on the second and third floors, according to Bo Hagerman, of Hagerman New Urbanism.

Work could wrap up by late August or September.

Redevelopment plans

The developers are sinking about $3 million into the 124-year-old building. Condos will range from 1,500 square feet to 2,400 square feet and from $275,000 to $450,000 in cost, Hagerman said.

The luxury lofts – half of which have been presold – will feature original hardwood floors, doors made from the building’s recycled wood, fireplaces and spa-style bathrooms, and some will include balconies, according to Hagerman, who said the atmosphere will be like “living in a nice hotel.”

Hagerman said historic tax credits will be used for the project as well, but exact amounts have not been determined. He said state tax credits typically amount to 25 percent of the project cost, and federal tax credits amount to 20 percent of the cost.

One tenant – Moda Spa and Salon – has signed on for the bulding’s ground floor, and a second is being sought.

A parking garage will be in the building’s basement.

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