Old Post Office

Missouri| Posted: 12/04/2007

Project Highlights
Project Goal: Rehabilitation of former post office building for use as courtrooms, classrooms, and commercial space
Historic Status: National Historic Landmark; National Register of Historic Places
Developer: DESCO Group
Tax Credit Investor: US Bank
Total Development Cost: $44,000,000
Total Square Footage: 214,000 net square feet

Key Project Financing:

Tax credit equity (federal historic and New Markets) from NTCIC / Old Post Office: $22,500,000
New Markets-enhanced first mortgage from ESIC: $8,200,000
Project Completion: 2006

Background
Construction of the 242,000 gross square foot Old Post Office began in 1872 and was completed in 1884 at a cost of approximately $6 million (in 1884 dollars). The building’s monumental proportions, vast vertical elements and distinctive hipped roofline made it a prominent landmark in downtown St. Louis. Such a commanding interior space proved difficult to occupy, however, after postal operations ceased. The building first fell vacant in 1975. Even a $16 million renovation and adaptive reuse overseen by the U.S. Government Services Agency (GSA) failed to secure its future. Various retailers tried the location and failed. Federal office consolidation plans led to the building’s designation as surplus property again in the 1990s. The DESCO Group and DFC Group, Inc., both of St. Louis, began redevelopment and financing planning in the fall of 2000. The result was a $44 million rehabilitation returning the grandiose structure to viability.

The Property

For more information contact:

Brendan Beier
National Trust Community Investment Corporation
(202) 588-6374
brendan_beier@ntcicfunds.com
www.ntcicfunds.com