Metro transit’s former headquarters in Laclede’s Landing is slated to be converted into 26 new apartments and offices for hundreds of new workers that a marketing agency next door plans to add.
St. Louis Development Corp. approved on Thursday using $5 million in New Markets Tax Credits for the $11 million project led by Brian and Mike Minges of Advantes Development, according to an SLDC report.
Advantes plans to put 26 apartments into the rehabbed, century-old warehouse that from 1982 until 2015 housed the offices of the region’s mass transit operator, Metro. Metro is now based in the Metropolitan Square office tower.
The building will also include three floors of office space that Abstrakt Marketing Group plans to use. The street level of the building will be converted to a mix of retail and office suites that the city said should employ about 50 people. Advantes plans to be finished with the project by the end of the year.
Abstrakt, which currently employs about 200 people next door, plans to grow to near 300 people by the end of this year, said Melanie Clark, Abstrakt’s marketing director. The firm hit $13.5 million in revenue last year and projects rising to $21 million next year.
Read more: St. Louis Post-Dispatch