Fancied up with arched doorways, metal bay windows, terra cotta trim and a turret, the Gerhart Block is among the more elaborate buildings in the area west of ºüÀêÊÓƵ University.
The historic, two-story brick building at Laclede and Vandeventer avenues is empty. But that's about to change. Capstone Development has the building under contract and is planning an $8 million restoration and rehab.
Bill Luchini, Capstone's president, said today he plans to renovate the 11,000 square feet of ground-floor commercial space and build 17 loft-style apartments on the second floor. Construction will take about a year and begin after he completes the building's purchase in about 60 days.
Gerhart Realty Co. opened the building in 1897. Constructed for $40,000, the building exemplifies what its nomination to the National Register of Historic Places calls Chateauesque style.
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Luchini calls his project Gerhart Lofts and will market the apartments to young professionals. The project is eligible for historic preservation tax credits and is within the tax-increment financing zone established for the nearby Cortex life sciences district.
The Gerhart building also is a block from the site of Ikea's St Louis store scheduled to open next year. Luchini said Ikea's presence will benefit Gerhart Lofts but added that its planning began before Ikea announced in December it will build a store at Forest Park and Vandeventer avenues.