1519 Tower Grove Ave: Request for Tax Abatement. Site Address: 1519 Tower Grove Avenue. Request: Tax Abatement. Company Name: Pier Property Group

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Osborn Curtis
6 years ago
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1 Site Address: 1519 Tower Grove Avenue Request: Tax Abatement Company Name: Pier Property Group Contact Person(s): Michael Hamburg Company Owners / Principals: Michael Hamburg Project Information History of site The property at 1519 Tower Grove was developed in 1926 for the Woodward and Tiernan Printing Company. With heavy printing machinery and mechanical systems, the original design included reinforced concrete flat slab which remains in good condition today. The building s footprint contains expansive open floor plans and south, north, and west facades composed almost entirely of concrete and steel sash windows. After Woodward and Tiernan, a matchbook manufacturer owned the building. The existing owner, an affiliate of Suburban Industrial Packaging, Inc., acquired it in the early 1990s and primarily uses it as a storage facility for pallets of shipping supplies. Since the building has been occupied for most of its lifetime and was built with majority concrete, it has been well maintained and remains in good condition. The building is listed on the National Registry of Historic Places. Proposed Project Pier Property Group (PPG) is proposing a renovation at 1519 Tower Grove Ave. to be named Woodward Lofts. The proposed project will accommodate two retail locations fronting on Tower Grove Ave and approximately 160 studio, one, and two bedroom units of varying size. The units will feature 12 ft to 20 ft ceiling heights, exposed duct work and piping, stained concrete floors, stainless steel appliances, stone countertops in kitchens and bathrooms, washers and dryers, and open floorplans to allow each loft to maximize one of the building s expansive window bays.

2 Plans also include removing lowered sections of wood roofing in between taller, 20 foot ceiling height to create multiple private open air gardens with direct access to two story loft units. In addition to these in-unit features, common area amenities will include: a fitness center, business center, bike storage, dog park, pet washing station, rooftop cooling spa with TV and grilling area, and 175 indoor tempered parking spaces. The existing building is approximately 250,000 square feet. Square footage will also be added as many units will possess second floor loft space where there is currently only one story. The project will refresh all of the existing exterior materials, including masonry/concrete repairs, a new roof, and new insulated windows most of which will also provide sound proofing to buffer from neighboring railroad lines. PPG anticipates using federal and state historic tax credits as part of its financing. Current zoning K Unrestricted; J Industrial; F Neighborhood Commercial Project Costs Acquisition: $5,100,000 Pre-development Soft Cost: $7,329,624 Construction Cost: $26,400,000 Total: $38,829,624 Project Timeline Site Control: March 2017 Construction Start: May 2017 Construction Complete: June 2018 Occupancy: June 2018

3 Parking The project will include approximately 175 indoor and 75 outdoor parking spaces which will have a landscaping buffer from the street and the building. What relevant experience does your team have? Michael Hamburg founded PPG after leading business development and underwriting of Historic Tax Credit (HTC) investment opportunities at a St. Louis based tax equity investment and management firm, providing him with unique insight into HTC projects around the country. Prior to his exposure to tax credit investing, Mr. Hamburg sourced, underwrote, and closed acquisitions of market rate apartment communities for two real estate companies specializing in multifamily. Joshua Corson, Founding Partner of Visionary Capital will be co-developing the Project with PPG. Mr. Corson has 15 years of experience in operations and has been instrumental in both developing real estate and growing mid-size businesses. Park Central Recommendation Support of 10-year tax abatement.

4 Property Location

5 Current Front Exterior

6 Vandeventer and Tower Grove Elevation

7 Tower Grove and Hunt Elevation

8 Current Interior

9 Properties to the North

10 Properties to the East

11 Properties to the West

12 Renderings

13 Building Cross Section

14 Ground Floor Plan

15 Second Floor Plan

16 Third Floor Plan

17 Site Plan

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