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3300 Lemp mixed-use rehab progresses

The historic mixed-use property at 3300 Lemp in Benton Park traded hands numerous times in recent years until it was finally foreclosed on in 2009. Luckily, someone with good intentions and deep enough pockets to act on those intentions, was finally able to get a hold of it. Construction is now fully underway at the site, which is  now owned by Anchor Development LLC.

Located at the southeast corner of Lemp and Utah, this 6,213 square foot property will retain the original storefront for commercial purposes upon completion. The native layout of the property features six residential units in addition to the commercial space, but it appears that will be changing. With exterior work, including tuck pointing, windows and the roof coming to a close, two banners have now been placed on the sides of the building.

According to those, the final development will include one 2 bed, 2 bath condo above the storefront, which will also feature a rooftop deck. On the southern end of the building along Lemp, the former four apartments will be turned into two 2-3 bed townhomes. I have not yet been able to confirm whether these will be fee-simple or truly condos. All units are being advertised as in the $180’s with gated parking.

With construction crews now shifting to interior work, it will be interesting to see how this pans out in the coming months. No matter how the place turns out, there is a good chance that it will have a domino-effect of further rehabbing on the block. There are more than a few other large buildings on that block of Lemp needing some attention and hopefully this will push the owners of those properties to get off their butts and get to work.  I’ll try to arrange an inside visit and another update in the near future. In the meantime, you can see emaples of the exterior progress int he picture gallery 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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3 thoughts on “3300 Lemp mixed-use rehab progresses”

  • Brian S.

    August 24, 2010 at 8:13 am

    Talk about a great location!

    Reply
    • Matt Kastner

      August 24, 2010 at 10:18 am

      Now the two biggest buildings at that intersection will be rehabbed. If only the Lemp Neighborhood Arts Center would get an exterior face-lift, that corner would soon be complete.

      Reply
  • samizdat

    September 2, 2010 at 9:43 am

    It’s a shame some in the nabe got their knickers in a twist about the “social constipation” schtick on the Arts Center. Still, it could use a little spit and polish. At least take down the crazy ivy growth, Arts people.

    Reply

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