Texas developer Alterra Worldwide has obtained approval from the aldermanic committee on Housing, Urban Development, and Zoning, to continue with their project to develop the Jefferson Arms building. The city has agreed to extend the development agreement with the company on the planned renovation of the vacant building despite previous setbacks on the project.
The Jefferson Arms building, located at 415 N. Tucker Blvd., is one of the largest structures downtown. Originally built in 1904, the former hotel and apartment building has been vacant since 2006. Alterra acquired the 500,000 square foot property in 2016 with a plan to convert it into a combined apartment building, Marriott Hotel, and 30,000 square feet of commercial space.
Since then, Alterra has encountered several hurdles which have slowed down their originally projected plan. Most critically, Alterra has had issues securing financing for the project. This caused its prior extension proposal to be rejected in March by the St. Louis Board of Estimate and Apportionment.
Despite these setbacks and issues with funding, Alterra is still hopeful going forward. With the extension now secured from HUDZ, construction is slated to begin in 2022 with a projected end date set in 2025. Part of the extension entails an agreement to hire in-state union workers, with Alterra agreeing to work with the St. Louis-Kansas City Carpenters Regional Council.