Real estate development firm Green Street and its younger counterpart Green Street Building Group are bringing hundreds of millions of dollars in investment to St. Louis City and County in 2021, with hundreds of under construction units set to come online in the coming year. With its humungous Terra at the Grove and six smaller developments next-door, just South of Manchester in STL City’s historic Forest Park Southeast neighborhood, Green Street is doubling down on its investment in the city proper.
As part of its recent slate of investments in the city, Green Street is also moving its headquarters from Clayton, the region’s business and office hub, to a revitalized industrial building on McRee in the City of St. Louis in Botanical Heights. The development will see the space completely remodeled and will include the St. Louis region’s first BarK dog bar. BarK has been highly successful at its Kansas City location, and includes a restaurant, bar, and park for members to bring their dogs to play and socialize.
The new HQ and BarK development will see a complete renovation of 4565 McRee, a 64000 square foot warehouse with nearly 2 acres of outdoor space. Despite the building’s proximity to Tower Grove and The Grove, the McRee corridor is more well known for its industrial warehouses than it is for residential or commercial uses. However, with the incredible growth and investment in the City’s Central Corridor and surrounding neighborhoods, even industrial sections are becoming more highly demanded as space becomes more of a premium.
Many St. Louisans might be surprised to see the strength of the St. Louis City market, but the Central Corridor has seen billions in new investment over the past few years. With a new MLS stadium, residential skyscrapers like 100 on the Park and One Cardinal Way, and historic renovations including Green Street’s Armory project and the nearby City Foundry from The Lawrence Group, the city is regaining its reputation for attractive services and amenities.
With that said, there is still a significant disparity in St. Louis investment, one many readers may likely know well. The region’s “Delmar Divide” is a well-known phenomenon that represents the effects and continuation of historic and systemic racism and segregation. Even now, investment lags North of the Central Corridor more than anywhere else.
Green Street recently introduced a new investment firm, dubbed Emerald Capital, with the intent to invest in historically low-income communities. Emerald Capital, according to Green Street’s recent press release, will collaborate with non-profit and for-profit entities, as well as their recently acquired architectural firm, HDA Architects, to utilize complex tax credits comprehensively in order to bridge the investment gap across St. Louis neighborhoods.
With the many upcoming developments including the under construction Union-STL project, Terra at the Grove, and the recently announced $250 million development in Webster Groves, we expect that we will have many more renderings and details to share soon for multiple developments. Their recent success with Chroma in The Grove, as well as the recently completed HueSTL, which we covered here at Missouri Metro while it was under construction, have already seen incredibly high occupancy and absorption. Enough so where Green Street released a presser announcing $20 million in additional revenue over the last year alone.
While their units could be classified in the luxury segment, it certainly bodes well for the St. Louis market and the potential for future residential growth in the city that developers are bullish on providing hundreds, and cumulatively thousands of units, over the next few years. We hope that Green Street will continue including workforce housing in its developments, and share St. Louisans hope that other parts of the city will see equitable development and growth soon. The good news is, as Chris Stritzel at CitySceneSTL recently reported, it seems North City may finally be seeing some hints of growth and investment in his excellent article here.