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$1.57 million AES Building at 3100 Gravois

Over the past year, the old run-down warehouse at 3100 Gravois in the Benton Park West neighborhood of St. Louis, Missouri has been given new life. Most notably occupied by John Fabick Tractor Co. from 1941 to 1973, the property was stricken with major lead and asbestos problems, and in desperate need of rehab. The overwhelming workload involved with the project must have scared many people off as the property had been vacant since 2004. But when the mold, lead and asbestos remediation company Advanced Environmental Systems Inc. (AES) found the property in 2008, they saw potential.

After purchasing the property in 2008, AES and their developer H&A Restoration and Development were able to secure $440,680 in brownfield tax credits from the Missouri Department of Economic Development to help address the major environmental concerns at the property. Work began in June of 2009 and just wrapped up in April 2010. The total cost of the remediation and historic rehab was $1.2 million. The developers are now seeking LEED Silver Certification and state and federal historic tax credits.

AES has now moved their offices from their former location at 4437 Fyler in the Tower Grove South neighborhood, to the 3100 Gravois building. They currently have 17 employees and are forecasting 7 to 9 new permanent jobs in the near future. They had $4.1 million in revenue in 2009, but hope to grow that to $4.6 million in 2010. The offices and warehouse space will allow them the expand as needed int he future.

The President of AES, Dennis Ruckman, took me on a brief tour of the completed project and work is excellent. They really went out of their way to restore a lot of the historic woodwork, which pictures simply can’t do just. It really is a beautiful project and a welcome addition to the Benton Park West neighborhood. Check out the photos below.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn't representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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