By. Chris Stritzel
After emailing Jeff T. at the Pearl Companies about the HIBERNIA Project that they are getting ready to build, I decided to ask him about the other project that they have planned in St. Louis. He said earlier on in the conversation that the second project would be on the city's South Side and would have 73 Apartments and would cost $16 Million. I asked him once again later on and he stated that they purchased the last abandoned buildings at the City Hospital site in the Lafayette Square - Near Southside Neighborhoods. It will be a historic restoration of the existing structures so that they can become 73 market rate luxury apartments.
The company purchased the buildings back around Valentines Day of this year and are in the early stages of planning out how this will work. "There are three buildings" he said, "Two Large and One Small. These structures will be divided into buildings A and B. Each building will be restored all at the same time". Each building will have their own feel and vibe as well as a random number of units the equals to 73.
According to Jeff, the Pearl Companies will have to go before the Preservation Board soon to propose their project since the building is historic. He expects it to pass as it is just one more piece to the puzzle in restoring the historic City Hospital Complex. However, these plans are are still in the works and some kinks with the design process needs to be worked out before any construction can officially begin but the attention on design is surrounding the largest remaining buildings on site.
The Pearl Companies hope to begin on this project in the second quarter of this year and wrap up around July 2019. This will be their second project in St. Louis and will bring their total amount of money invested into the City up to $40.5 Million and, when all is said and done, an additional 174 apartments into the St. Louis Real Estate Market. This complex will include Gated and Secured Parking, a business center, commons areas, studio, 1 and 2 bedroom apartments, a fitness center and pet wash among other things like a rooftop deck. Pricing for the units is as follows...
1. 4 Studio Units at $985 per month
2. 62 One Bedroom Units at $1100-$1300 per month
3. 7 Two Bedroom Units at $1600 per month.
This Story was updated on Thursday, February 22nd 2018 to include the pricing of units and types of units, construction timeline, amenities and to correct an issue with the number of units per building.