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Sherman Kicks Off Expansion With St. Louis Project

MINNEAPOLIS-The housing developer will buy and redevelop the 500,000-sf Syndicate Trust Building, part of a $69-million plan with Loftworks LLC of St. Louis to buy and redevelop it housing and retail. Sherman Associates also has major redevelopment projects planned in Kansas City and Milwaukee.

By Jim McCartney | Updated on April 13, 2005

MINNEAPOLIS-Sherman Associates, one of the largest urban redevelopment firms in the Twin Cities, has been selected for a major project in St. Louis, a step in its bid to expand beyond the Minnesota market. Sherman and its joint venture partner, Loftworks LLC of St. Louis, say they have been selected by the city of St. Louis to redevelop the Syndicate Trust Building, a historic former department store building located in the heart of the city’s Downtown into condominiums, apartments, art galleries and retail shops.

Sherman and Loftworks’ $69-million plan for acquiring and redeveloping the 500,000-sf property, one of the largest vacant buildings in Downtown St. Louis, calls for its conversion into 84 loft apartments, 91 affordable and market rate condominiums, 21,000 sf of retail space, three art galleries and its three levels of parking.

The entry into the St. Louis market marks a major step in the regional expansion of Sherman Associates. Long active in the Twin Cities, the 25-year-old firm has completed more than $250 million worth of development in Minneapolis, St. Paul and Des Moines, IA. One of its largest projects to date is its redevelopment of the historic Sears tower on Lake Street in Minneapolis into loft apartments and condominiums, many of them high end. Sherman Associates also has major redevelopment projects planned in Kansas City, MO and Milwaukee, WI.

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