Built in 1911, 1501 Washington was one of the area's many early-20th Century “Garment District” buildings that housed shoe, clothing and fashion manufacturers. It was the long-time headquarters for the International Shoe Co., once one of the largest shoe companies in the world. But its strongest claim to fame is that renowned playwright Tennessee Williams worked there and referenced the building in his first successful play, The Glass Menagerie.

“Downtown St. Louis is experiencing a tremendous resurgence, as investors look to repurpose the city's classic architecture into hotels, condos, and restaurants that appeal to today's residents,” says Warren. “Fe Equus has a unique plan and a solid track record for creating innovative urban environments that can help transform neighborhoods.”

This sale follows closely behind Warren's sale last month of the former CPI Building, the nine-story, 270,000 square-foot office building at 1706 Washington Ave. Kansas City investorRevive Capital Development, LLC acquired that property with plans to convert the 1912 vintage building into loft apartments.

Fe Equus' Iron Horse boutique hotel has won multiple 'Boutique Hotel of the Year' awards; been ranked among Conde Nast Traveler's top hotels in the world; and is currently ranked number 11 of all US hotels on TripAdvisor.com.

“We are excited about the opportunity to bring new life to a building that has played such an important role in St. Louis history,” says Tim Dixon, owner of Fe Equus. “We believe this new hotel will be an important catalyst for the continued redevelopment of Washington Avenue.”

ST. LOUIS—Gateway cities are not the only ones that have seen interest in their older buildings soar. IBC Investors, LLC just sold 1501 Washington Ave., a 10-story, 140,000 square-foot building in the Washington Ave. Loft District of downtown St. Louis, and the new owner Fe Equus plans to convert the 105-year-old structure into a 140-room boutique hotel. This will not be a departure for the Milwaukee-based development firm, which transformed a century-old warehouse building in its hometown into the Iron Horse, a boutique hotel that has won numerous awards.

John Warren, a vice president in the St. Louis office of JLL, represented the IBC Investors in the transaction. This is the second historic building Warren has sold in the district in the past month. Financial terms were not disclosed. Aries Capital is the investment partner working with Fe Equus on this development.

“This property saw a high level of interest from national developers, mostly from outside of St. Louis,” Warren tells GlobeSt.com. “I think they've seen the momentum of the increase in occupancy downtown, both hotel and apartment occupancy. Also condo sales were at their highest last year since sales in 2007.”

“We have seen more interest from outside developers over the last 15 months than we have in several years, given the improved market in the region and the positive changes occurring in downtown St. Louis,” he adds. “It's now viewed as an inviting place to live and work, and that is helping to bring in developers in the multifamily and hotel sectors.”

Built in 1911, 1501 Washington was one of the area's many early-20th Century “Garment District” buildings that housed shoe, clothing and fashion manufacturers. It was the long-time headquarters for the International Shoe Co., once one of the largest shoe companies in the world. But its strongest claim to fame is that renowned playwright Tennessee Williams worked there and referenced the building in his first successful play, The Glass Menagerie.

“Downtown St. Louis is experiencing a tremendous resurgence, as investors look to repurpose the city's classic architecture into hotels, condos, and restaurants that appeal to today's residents,” says Warren. “Fe Equus has a unique plan and a solid track record for creating innovative urban environments that can help transform neighborhoods.”

This sale follows closely behind Warren's sale last month of the former CPI Building, the nine-story, 270,000 square-foot office building at 1706 Washington Ave. Kansas City investorRevive Capital Development, LLC acquired that property with plans to convert the 1912 vintage building into loft apartments.

Fe Equus' Iron Horse boutique hotel has won multiple 'Boutique Hotel of the Year' awards; been ranked among Conde Nast Traveler's top hotels in the world; and is currently ranked number 11 of all US hotels on TripAdvisor.com.

“We are excited about the opportunity to bring new life to a building that has played such an important role in St. Louis history,” says Tim Dixon, owner of Fe Equus. “We believe this new hotel will be an important catalyst for the continued redevelopment of Washington Avenue.”