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Commerce Bank site on South Grand condos?

*NOTE – This article was originally written in February of 2007 for the newsletter.

Chicago-based developer Grace Associates LLC has big plans for the old Commerce Bank site and adjacent parking lot at 3134-42 S. Grand Boulevard. The St. Louis Board of Aldermen recently considered legislation that would allow the developer to construct 50 condos on the site. The former bank location has been vacant since Commerce built a new facility next door. Grace Associates already has five parcels in the area under contract.

Initial plans feature thirty-six units oriented towards Hartford Street, with the remaining fourteen units facing Juniata. Early concepts feature a building three stories in height with 80 below grade parking spots for development residents. Plans also call for an additional 90 space, street-level parking lot for the general public.

*UPDATE – This one is still in limbo. I found some interesting references to the project on the 15thwardSTL.org blog.

Such new parking could help to provide a major boost to the Grand South Grand area, which often faces parking shortages. Area business owners have long cited the lack of parking as one of the major disincentives visiting the district.

This project addresses that issue, and Alderman Stephen Conway says that all the stakeholders, including members from the local business district and the Tower Grove East residents association, are involved in the process.

The proposed project could become the second major condo project along this section of South Grand, in the last year. The nearly complete Compton Gate Condominiums project is just a few blocks north. These projects serve as a complement to the already successful retail sector in the area. More information on this project and potential impact are expected soon.

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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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