The developers behind a $195 million project to restore the historic Mansion House that overlooks the Gateway Arch say they’ve secured financing on the project and plan to break ground soon.
New + Found plans the redevelopment of the 29-story complex at 300 N. Fourth St. The building, originally built in 1966, features 130 studio apartments, 207 one-bedroom and 78 two-bedroom apartments.
The group, which previously redeveloped the Foundry in Midtown into a now-busy food, shopping and entertainment hall, touts the project as one of the largest residential investments in downtown St. Louis in decades.
“Our strategy at New + Found is to invest in landmark properties that define the character of St. Louis,” said CEO Steve Smith. “Projects like Mansion House extend the momentum we’ve built at City Foundry by aligning historic preservation with modern urban living."
The developer announced the project last year.
According to a release from New + Found, the developer’s planned renovations include updates to units and common areas, new amenity spaces like a dog park and gym and a “reimagined” rooftop pool.
“Our focus is not just on individual buildings, but on creating connected districts that attract residents and businesses and create a vibrant community for visitors,” Smith said.
The building has been vacant since at least August, when the St. Louis Business Journal reported no one was living in it.
New + Found is seeking state and federal tax credits to "preserve its midcentury character” during the redevelopment. The amount secured wasn't immediately available. The developer said funding for the project comes from a HUD loan and a $58 million investment from Salt Lake City-based Catalyst Opportunity Fund.
The developer said a majority of the renovated housing will be “priced affordably” to households earning under 80% of the area median income. Rents are expected to start at $1,100 a month, according to the developer.
“Mansion House is a significant property on the edge of the Arch grounds, and its redevelopment demonstrates a commitment to Downtown’s future,” said 8th Ward Alderwoman Jami Cox Antwi. “This project supports our goals for housing diversity, neighborhood activation and sustainable reinvestment in the city’s core.”
New + Found plans to finish the redevelopment by 2027 and offer leases earlier that year. The developer hired PARIC as its general contractor for the project.
