COMPARISON PROPERTY: Lemp Brewery
DEVELOPER: Garrison Development Co.
ARCHITECT: Ebersoldt + Underwood Architects and WDM Architects
LOCATION: St. Louis
PROJECTED RENTS: $800 to $1,500
RENOVATION COST: $145 million (estimated)
LENGTH OF RENOVATION: Phase 1, one year; Phase 2, two to three years
SCOPE OF PROJECT: Renovation of an abandoned brewery complex into loft apartments as well as office and retail space.
| BEFORE | AFTER | |
| Use | Lemp Co. brewery | Loft apartments |
| Vibe | An industrial take on a Bavarian village | Contemporary loft style within a Bavarian village |
| Value | $5 miilion | $145 million |
ACTION ITEMS
OUTSIDE THE BOX
Large-scale renovations of former industrial sites require careful planning.
- Look for government incentives. Big projects such as the Lemp Brewery require a mix of city, county, state, and federal incentives. Make sure you pursue every option for tax credits, tax-increment financing, and tax abatements.
- Turn disadvantages into advantages. Think creatively about your site, and you can find ways to turn limitations into opportunities. The numerous loading docks at the Lemp site were problematic until architects decided to use them as patios for individual units—what was once a hindrance is now a distinct amenity.
- Don’t be intimidated. A big historic redevelopment project isn’t so different from a small historic redevelopment project, says Vince Ebersoldt, principal of St. Louis-based Ebersoldt + Underwood Architects. “It’s the same checklist, just on a bigger scale,” he says.