ST. LOUIS — A developer active in the DeBaliviere Place neighborhood is pitching another large apartment project, this one a six-story, 150-unit structure at the corner of Pershing and DeBaliviere avenues.
It’s the latest proposal from a development group that has already built a 160-unit apartment complex on Pershing and is finishing up another 152-unit building on the street. The new proposal, just steps from the Forest Park-DeBaliviere MetroLink station, would be at the same intersection as another major mixed-use development that recently won a key city approval.
The latest apartment project in the neighborhood would be on the site of the St. Louis Italian Restaurant & Pizza Co., in a 1968 structure that would have to be demolished for the new building. The developers purchased it in October.
The new building would include street-level retail at the intersection of DeBaliviere and Pershing, and include two levels of interior parking.
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The Preservation Board is set to review the project Monday because it is in a historic district. City staff recommended approval subject to some small changes in design.
The project is affiliated with Sidarth Chakraverty, who is part of LuxLiving and Big Sur Construction, brands that share the principals and portfolios of the former Asprient Properties. Asprient has developed several projects around the city. Victor Alston, who was affiliated with Asprient, is also part of LuxLiving.
LuxLiving in October sold the 160-unit Tribeca building it developed at 5510 Pershing to a San Francisco real estate investment firm for $44 million. It expects to open next year the 152-unit Chelsea apartments at 5539 Pershing, which its website said will include amenities such as an arcade bar, interactive golf lounge and a rock climbing wall.
The group has also developed a 128-unit Steelyard building on Ninth Street in Soulard and the 48-unit rehab of an old mop factory in Lafayette Square now known as the Bordeaux.
Meanwhile, Pearl Capital Management is gearing up to begin a $91.5 million project across the street from Big Sur’s new DeBaliviere proposal, on the site of a MetroLink parking lot and one-level retail strip center.
Plans there call for 290 apartments, 30,000 square feet of retail space and 440 parking spaces. It won approval for $14 million in subsidies from the St. Louis Board of Aldermen last week.
