With the construction of One Hundred at Kingshighway, a new type of luxury apartment is now available in the Central West End, the St. Louis Business Journal reports. Apartments in the new building range from $2,000 to over $7,000 per month, far above the $1,000 per month, which is the average rent in St. Louis. Is there even a market for such high-end apartments in St. Louis? If so, what is driving it?
One Hundred was designed by Studio Gang, the award winning architecture firm famous for designing Aqua in Chicago. One Hundred, with its tiered exterior and leaflike floor-plan, incorporates a distinctively natural and light-filled design. Most of the apartments have wraparound windows with spectacular views of the City. At 385 feet tall and 540,369 square feet, the $130 million apartment building is likely to become a local landmark. It really is a stunning building.
It is one of a few such ultra-luxury apartment buildings in St. Louis. It is now the second most expensive apartment building in the city, surpassed only by One Cardinal Way at Ballpark Village downtown. The most expensive units there are close to $8,000 a month. One Cardinal Way is very close to Busch Stadium, which helps it maintain occupancy even at such high rates.
But the CWE seems to be drawing a broader selection of high end tenants with the distinct advantages the neighborhood provides.
And the CWE does provide some distinct advantages. The One Hundred, for example, has great views of both Forest Park and the Gateway Arch, being located right at the northeast corner of the park. The building itself features plenty of amenities. But there is plenty to do in the neighborhood, not least of all Forest Park. Even more importantly, the neighborhood is close to a number of the region’s top employers in the tech, education, and healthcare sectors. This has drawn a lot of young professionals and their families to the neighborhood. The CWE is also attractive to older couples downsizing and moving in from the suburbs.
Amy and Paul Mittelstadt, real estate agents who have lived and in the Central West End for decades, told the St. Louis Business Journal that they have seen the neighborhood evolve a lot over the years. Where once there were only mom-and-pop stores, now there are luxury apartments and high-end restaurants. This upward trend will probably continue as the prime location and limited number of housing options drives up prices.