Historic Preservation, Historic Tax Credits, Mixed Use, Multi Family, Residential
The American Electric Building is 160,000 square foot, 8-story building located in the heart of St. Joseph, MO that has become an icon of the downtown skyline.
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 will have a loft-style design and amenities that include a fitness center, community room, smart technology, building-wide Wi-Fi and more.
Total project cost is estimated to be $35.3 million. In addition to traditional bank financing and equity from Opportunity Zone funds, the project will be funded through a variety of federal, state and local incentives, which include Historic Tax Credits and a Chapter 100 Bond issuance. Construction on the rehabilitation began December 2019 with completion scheduled for Spring 2021. SWD Architects is providing architectural services for the project and Rau Construction is serving as the general contractor.