Built in 1928 at 501 St. Paul Street, the former Standard Oil Building is listed in the National Register of Historical Places. Designed with a limestone façade, it consists of 189,000 sf and is 15 stories tall. The property was most recently appraised--before added improvements--at $1.5 million. Southern Management is the developer behind the apartment building and purchased the property two years ago for $2 million from Stanbalt Associates, for whom the building was also once named.

Local government officials hope the new high-end residential development will help spur other developments in the less than well-traveled area, and will likely back up serious offers with subsidies and tax breaks, as it did with The Standard developers.