Historic Arcade Becoming Artist Lofts

ST. LOUIS—US Bank has just closed on several tax-credit financing packages of more than $77 million with Dominium, a Minnesota-based development and management company, to develop the historic Arcade Building in downtown St. Louis into a mixed-use space for university classes and 80 market rate and 202 affordable apartments.

The renovation of the 18-floor, 500,000-square-foot building at 800 Olive St. will help complete the revival of the neighborhood around the city’s Old Post Office building, which was also transformed into apartments. Dominium plans to remake the Arcade into mostly affordable housing to help meet the needs of artists, and will offer one- to three-bedroom apartments as well as over 13,000-square-feet of artist studio space.