American Electric Building

The building’s proximity to the I-229 viaduct, the downtown area’s most prominent commercial artery, in partnership with its walkability to active business and vibrant retail, provides for an unparalleled presence among both downtown residents and traffic traveling along the viaduct into and out of St. Joe.

Sky Real Estate partnered with Sunflower Development Group to redevelop the American Electric Building, with construction beginning December 2019. The development plan calls for the rehabilitation of the building into 137 market-rate apartment units and approximately 10,000 sf of commercial space, including a first-floor coffee shop. Each unit has a loft-style design and amenities that include a fitness center, community room, coffee house, smart technology, building-wide Wi-Fi and more.

Photos by Nicole Bissey

Total project cost was $35.3 million. In addition to traditional bank financing and equity from Opportunity Zone funds, the project was funded through a variety of federal, state and local incentives, which included Historic Tax Credits and a Chapter 100 Bond issuance. Construction on the rehabilitation began December 2019 and was completed in Spring 2021. SWD Architects provided architectural services and Rau Construction served as the general contractor.

Historic Preservation, Historic Tax Credits, Mixed Use, Multi Family, Residential

160,000

137

10,000 sqft