Webster University, a private nonprofit school based in the St. Louis suburb of Webster Groves, plans to expand its downtown campus by moving into the historic Arcade building by 2016. The university already occupies space at the Old Post Office from the Arcade building. Together, the two locations will be known as Webster’s Gateway Campus.
Dominium Development has agreed to buy the Arcade from the city for about $9.5 million. Webster is set to be the “anchor tenant” in a renovation project that will also include 282 lofts and apartments. Mayor Francis Slay called the deal the final step in a 20-year, $116 million effort to redevelop downtown’s Old Post Office Square.