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2351 Market/Green Street St. Louis

Sponsor: Principals of Green Street

Type of QALICB: Real Estate

Owner: An affliate of Green Street St. Louis

City and State: St. Louis Missouri

Contact Person: Brian Pratt

Phone: 3147262500

Contact Email: [email protected]

Allocation Amount Requested: $13,000,000

Brief Description of QALICB: Green Street will transform a former, and now vacant, Wells Fargo financial securities building just outside of the core of the St. Louis CBD into an 84,000 SF LEED certified multi-tenant office building tailored to creative and technology based companies. Repurposing the building from single-tenant to multi-tenant requires such building improvements as: upgraded utility needs for data processing and data security for all tenants, separate building systems, new entrances and ADA compliant upgrades, new and expanded parking dedicated for 2351 Market and overall building demising to create smaller tenant spaces in concert with tenant needs.  These building improvements will upgrade the building to  Class A  space with contemporary amenities needed to attract growing creative and technology based companies.

Avatara, Inc. is a cloud computing and networking company specializing in the distribution of customized cloud based networking services for various national and regional companies who prefer the convenience of virtual-hardware free-computing for their office needs. At their present location in St. Louis County, Avatara is unable to expand due to rapid business growth and lack of expansion space.  Avatara has executed a letter of intent (lease is under negotiation) to be the lead tenant at 2351 Market, taking approximately 30,000 SF.

In addition, Green Street is currently negotiating terms with like industry users for the remaining office space with other potential tenants to include a new business unit of a pharmaceutical testing laboratory company, a business to business marketing company and/or a corporate headquarters for a production company.
Estimated Community Impacts include:

  • Avatara: 120 new employees (25 retained) with average salaries of $55,000+
  • Additional tenants: 100 total employees.
  • Total employment upon full occupancy:  approximately 225

These positions will be highly skilled tech, creative, and finance positions with salaries above the area median income.  Several of the tenants have expressed the desire to relocate from non-distressed census tracts to areas of distress in order to be closer to Downtown St. Louis' burgeoning entrepreneurial and tech/innovation center. The advent of 225 new employees on area business, and adjacent properties offers the potential for reinvestment and future business attraction to the community.

But For Statement: The project at 2351 Market requires NMTC to help underwrite the extraordinary costs of converting the building from a single-tenant office format (constructed as a part of a larger corporate campus), to be repurposed to accommodate multiple tenant needs while providing flexible lease rates to support the expected business growth of these entrepreneurial companies.  Landlord will offer below market lease rates to tenants while providing  Class A  office space with building features that cannot be replicated for the same lease economics at competing locations.


 

 

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