CRESCENT INVESTMENT GROUP
Redevelopment Strategy, Feasibility, Pre-Development
CLIENT: CRESCENT INVESTMENT GROUP (CIG)
CITY: ST. LOUIS, MO
SIZE: 640,000 SF
CHALLENGE:
Crescent Investment Group (CIG) acquired the US Bank Plaza which occupies a full city block in downtown St. Louis. The property is well located within the downtown district. It includes a multi-tenant office tower, a vacant three-story historic bank building together with two open-air plazas and a parking structure. The office building is partially leased. The Downtown St. Louis office market is experiencing significantly diminished demand for office space and has been slow to recover. CIG wants to explore redevelopment opportunities that would add value to the site.
APPROACH:
• Evaluate the situation and define a bespoke approach to prepare the property for redevelopment.
• Conduct personal stakeholder interviews to gain situational awareness.
• Evaluate the market for potential reuses.
• Partner with design professionals, C&W's capital markets and office leasing teams to explore alternative building uses.
• Work with contractors to estimate costs and viability of conversion/retrofitting under multiple scenarios and determine feasibility.
• Undertake pre-development work with the city staff and elected officials to secure their support.
• Develop offering material to engage developers and occupiers making it easy to evaluate the opportunity.
