Office Today, Apts. Tomorrow: Office-To-Residential Conversions Expanding Across More U.S. CBDs
A funny thing is happening in downtown markets where empty and obsolete office buildings are being converted into apartments. Companies that wouldn't consider a downtown location back when the space was available are coming back, drawn by the large number of millennial workers who favor a funky downtown address. While office-to-residential conversion has long been popular in revitalizing the downtowns of populous East Coast CBDs, recent proposals by developers to convert older, underutilized office buildings to multifamily housing in such markets as Kansas City, St. Louis, Milwaukee, and Cleveland show that the trend is rapidly expanding into other markets.
Many former office buildings have already been converted to residential buildings in Downtown St. Louis including: the former General American Insurance Building on Locust, The Marquette Building on Olive, The Paul Brown Building, The Laurel, 515 Olive (partially). A few more are underway including: the Chemical Building, 720 Olive (partially), 1509 Washington, and the Arcade. It's possible others will be down the road such as 1706 Washington, the former CPI building, Railway Exchange (perhaps partially) and the LaSalle Buliding.
1706 Washington, currently for sale
721 Olive, Chemical Building