"And down the stretch they come!"—the signature call by horse racing announcer Dave Johnson—also applies to workers on the Arcade project in downtown ºüÀêÊÓƵ.
The building's redevelopment is 85 percent done, project leaders said Friday. The $118 million job to redo the Gothic Revival-style office building as apartments and space for Webster University is on track to open in December.
More than 100 of the building's 282 affordable artist lofts and market-rate apartments already are leased, officials said.
Workers are near completion of the management office space and moving ahead to finish the building’s music studios, music practice rooms, painting studio, yoga studio, rooftop clubroom and theater room.
Monthly apartment rents range from $563 for working artist apartments to nearly $3,000 for two-level suites.
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The Arcade, at 8th and Olive streets, has been an official city landmark since 1980 and on the National Regiser of Historic Places since 2003.
Webster’s downtown campus will occupy the first two floors, including the building's namesake arcade. As a result, the university's space downtown will expand from 33,000 square feet to 85,000 square feet.
Minneapolis-based Dominium Development is the Arcade's owner and redeveloper.
Built a century ago as stores and offices, the Arcade's redo as apartments is downtown's largest residential project since the Mansion House towers went up in the 1960s.