Syndicate Trust

SHERMAN ASSOCIATES, INC.

Acquiring and restoring a historic structure is an incredibly complicated affair. And when it’s a building as important to a community as the Syndicate Trust is to St. Louis it’s essential to get it right. From coordinating the financing package, to overseeing the construction, Brian’s capacity to understand and manage the complexities was invaluable. We could not have done it without him on the team.
– Sue Fauver, General Counsel, Sherman Associates, Inc.

syndicate

The Syndicate Trust project is the centerpiece of the downtown St. Louis revitalization. Built in 1907, this iconic 19-story office building was plagued with vacancies and steady deterioration. Hailed by many as the greatest example of Chicago School architecture in St. Louis, the once grand building became the subject of various failed redevelopment proposals through the years.

When the City of St. Louis saved it from the wrecking ball, and the building was placed on the National Register of Historic Places in 2002, a new life emerged.

Because of the size of the building—nearly 500,000 square feet—a mixed-use approach was the only strategy that could make the project viable. By combining ground floor retail, 28 units of affordable housing, 42 units of market rate apartments, and 102 condominiums on the upper levels, the Syndicate Trust’s grandeur was restored, and today it has regained its stature at the center of this vibrant city.

This project used numerous financial sources – Low Income Tax Credits, Historic Credits, New Market Credit, Brownfield Credits, Tax Increment Financing – to name just a few.

PROJECT HIGHLIGHTS
Location:St. Louis, MO
Total Development Cost:$81 million
Number of Units:28 Units / Affordable
42 Units / Market Rate Apartments
102 Condos
Commercial:20,000 sf ground floor
Completion:August 2008
Financing:City of St. Louis, Low IncomeTax Credits, New Markets Tax Credits, Federal Historic Tax Credits, Missouri State Historic Tax Credits, Missouri State Low Income Tax Credits, Brownfield Redevelopment Grant