3501 Chouteau Avenue, St Louis, MO 63103
sale
$2,750,000
|
Other
Courtesy Of Manor Brokerage, LLC
Rare urban development opportunity in the heart of Midtown St. Louis 2 acres of investment-grade land positioned at the gateway to the city's newest and fastest-growing district, Prospect Yards. The Steelcote Prospect Yards Assemblage comprises two non-contiguous parcels totaling approximately 2.00 acres (+/-87,120 SF) in City Block 2213: a +/-1.50-acre rectangular parcel fronting Papin Street (the hotel site) and a +/-0.50-acre Chouteau Avenue frontage parcel (the QSR/retail site), with Theresa Avenue providing secondary access on the eastern boundary.
The subject site sits at the epicenter of over $2.8 billion in new construction activity that has transformed Midtown over the last decade. The seller, Pier Property Group, developed the award-winning Steelcote Square campus immediately adjacent three phases of residential mixed-use totaling 153 units across Steelcote Lofts, Steelcote Crossing, and the ground-up Steelcote Flats (158,000 SF, completed 2022). National retailers Target (70,000 SF) and Topgolf anchor the immediate block. SSM Health's $550 million SLU Hospital and the under-construction Cardinal Glennon Children's Hospital sit directly across Chouteau Avenue the single strongest demand driver for the proposed hotel use. Saint Louis University's North and South campuses flank the corridor, generating sustained hospitality and retail demand from 15,000+ students, faculty, patients, and medical visitors daily.
Architectural concept plans (Arcturis, January 2025) have been prepared depicting a 4-story, 100-key hotel with +/-100 surface parking spaces on the Papin parcel, and a 1-story commercial/QSR building (+/-2,500-7,500 SF) with drive-thru capability on the Chouteau frontage parcel. Current zoning is J-Industrial; rezoning will be required for hotel and/or retail uses. The site carries eligibility for Chapter 353 tax abatement through the St. Louis Midtown Redevelopment Corporation (SLMRC) potentially providing up to 20 years of real estate tax abatement on improvements, a compelling economic incentive for any developer underwriting construction costs in the current environment.
The parcels may be purchased together as a single +/-2.00 AC assemblage at $2,750,000, or separately: the North Parcel (Papin) at $2,000,000 and the South Parcel (Chouteau) at $750,000. All-cash, 1031 exchange, or assumable mortgage structures will be considered.
The subject site sits at the epicenter of over $2.8 billion in new construction activity that has transformed Midtown over the last decade. The seller, Pier Property Group, developed the award-winning Steelcote Square campus immediately adjacent three phases of residential mixed-use totaling 153 units across Steelcote Lofts, Steelcote Crossing, and the ground-up Steelcote Flats (158,000 SF, completed 2022). National retailers Target (70,000 SF) and Topgolf anchor the immediate block. SSM Health's $550 million SLU Hospital and the under-construction Cardinal Glennon Children's Hospital sit directly across Chouteau Avenue the single strongest demand driver for the proposed hotel use. Saint Louis University's North and South campuses flank the corridor, generating sustained hospitality and retail demand from 15,000+ students, faculty, patients, and medical visitors daily.
Architectural concept plans (Arcturis, January 2025) have been prepared depicting a 4-story, 100-key hotel with +/-100 surface parking spaces on the Papin parcel, and a 1-story commercial/QSR building (+/-2,500-7,500 SF) with drive-thru capability on the Chouteau frontage parcel. Current zoning is J-Industrial; rezoning will be required for hotel and/or retail uses. The site carries eligibility for Chapter 353 tax abatement through the St. Louis Midtown Redevelopment Corporation (SLMRC) potentially providing up to 20 years of real estate tax abatement on improvements, a compelling economic incentive for any developer underwriting construction costs in the current environment.
The parcels may be purchased together as a single +/-2.00 AC assemblage at $2,750,000, or separately: the North Parcel (Papin) at $2,000,000 and the South Parcel (Chouteau) at $750,000. All-cash, 1031 exchange, or assumable mortgage structures will be considered.
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Property Features
- Architecture Style: Other
- MLSID: 26025175
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