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Demand for St. Louis Apartments Surges in Q3 of 2012

city walkAs the demand for St. Louis apartments continues to surge, new research from Colliers International in St. Louis shows that multifamily occupancy in St. Louis hit a decade high! In the 3rd Quarter St. Louis absorbed 2,748 units bringing overall occupancy to 94.3%. Demand has been particularly high in the Central West End and Mid St. Louis County, but rent growth remains modest. The Central West End is projected to have 420 new units while Mid County will receive 268 new units in 2013. While demand remains high, the addition of the new units is expected to keep rent growth low.

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Roberts Tower moving forward again

imageThe St.Louis Land Clearance Authority has selected UrbanStreet Group of Chicago as the preferred developer for the Roberts Tower. The firm will spend $22 million to finish the long stalled project. The Roberts brothers put over $50 million into the project before putting all of their downtown real estate up for sale. The finished building will add 132 apartments to the Old Post Office District downtown. Read more here.

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New Development coming to the University City Loop

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University City has approved Washington University’s plan for an $80 million mixed-use development along the Delmar Loop. Construction of a five story apartment building on Delmar will start this April, followed by another building on Delmar and two more buildings on Enright, a block north of Delmar. The project will add up to 265 apartments to house up to 600 students and 22,000 square feet of new retail space on Delmar. The project will also integrate many green features including: bicycle storage, solar panels, rain gardens and 125 new trees. Read more here.

Want to learn more about University City real estate? Contact The Agency STL today!

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More on Roberts Tower

510c76ea90ea8.preview-620The Post-Dispatch recently interviewed Bob Burk of UrbanStreet Group which just purchased the entire Robert’s brothers Downtown portfolio of properties for $16.5 million that include the Roberts Tower, Roberts Orpheum Theater, Mayfair Hotel, Roberts Lofts on the Plaza and four additional buildings on Locust Street.

Want to learn more about living in Downtown St. Louis? Contact The Agency STL today!!

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