Alterra Worldwide Acquires 520 KSF Mixed-Use Asset

By Adina Marcut

Jefferson Arms

Alterra Worldwide has acquired Jefferson Arms, a 520,000-square-foot historical building located in downtown St. Louis. The company plans a $104 million renovation strategy to include 240 apartments, a 220-key AC Marriott-brand hotel, and commercial space with restaurants, retail and office spaces. Airmbridge Hospitality will serve as the hotel operator and Merriman Anderson Architects will design the project.

Located at 401-15 N. Tucker, Jefferson Arms development is in close proximity to Cardinals Busch Stadium, America’s Center Convention Complex, Keiner Plaza and the newly renovated Arch Grounds. The 240-units coming online are a mix between old and new, combining original flooring and exposed brick to imported tiles and mosaics, cabinetry and quartz countertops.

Myriad amenities

Common area amenities will include:

• fitness center
• yoga studio
• art room
• music room
• cinema room
• karaoke room
• game room
• tanning salon
• business center

“Given the historic building’s extensive environmental remediation and rehabilitation costs, the execution of $20 million in Tax Increment Financing (TIF) was essential to successfully fund the development of this transformative project,” Alterra CIO Jose Quesada said in a statement. “We appreciate St. Louis’ support in our effort to redevelop such an iconic building in the downtown area.” 

The renovated development will include tenants such as Koleksiyon, a European furniture manufacturer, which will be opening its fourth U.S. location at Jefferson Arms, and Linea Décor, a kitchen cabinet producer from Europe, which will open its largest U.S. showroom.

Image via Google Maps