We celebrated the completion of South Side Tower’s 6th floor condo with a ribbon cutting ceremony on Wednesday, May 31, 2006. Lawrence Group is developing this historic structure known formerly as the South Side National Bank Building into 13 market rate condos and 22,000 sq. ft. of commercial space. The commercial space is 60% leased. Seven of the thirteen condos have been sold. Remaining construction to begin in the next 60 days.
What an exciting project! We rallied together to save this historic structure from demolition for a Walgreen’s. Allegiant Bank donated the Bank Building as well as the land to Grand Oak Hill Community Corporation for a tax write off allowing me to surface a developer. Lawrence Group plans new construction on Grand at Tholozan as well as Gravois.
The second phase of their project is rehabilitation of the old Melba Theater also known as the “Pizza A Go Go Building” located across the street from South Side on Grand at Miami. There are tentative plans for 16 apartment units and 10 commercial storefronts.
The South Side total project cost is approximately 6.7 million dollars. The project had a financing gap of $1.4 million which was addressed by my legislating a TIF (Tax Increment Financing Bill). I anticipate a similar financing plan for the Melba.