Work is set to resume on the Park Pacific project downtown now that the developer, Lawrence Group, has gotten a commitment on a $56 million federally insured loan from the U.S. Department of Housing and Urban Development.
Lawrence Group says HUD approved the financing on Wednesday to renovate the 23-story Art Deco building at 1226 Olive for mixed-use residential and commercial space. Clayton-based Gershman Mortgage is Lawrence Group’s lender on the HUD insured loan. Other financial partners include Chevron and Great Southern Bank.
The project will go out to bid the first week of December to a set of contractors including BSI Constructors, Brinkmann Constructors, HBD Construction, Paric Corp. and S.M. Wilson & Company.
Park Pacific will convert the former Union Pacific Railroad headquarters into a mixed-use complex. The 500,000 square foot historic building will have 230 rental apartments with 31,000 square feet of ground floor retail and 47,000 square feet of office space.
(6 votes, average: 4.83 out of 5)
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The original plans for this development were so grandiose but obviously underfinanced which caused it to go idle and change from condos to apartments!
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Retired1 – Grandiose plans and “obviously” underfinanced? How about the credit markets collapsed and developers have had to adapt – there’s a robust market for for-rent apartments downtown. You don’t seem to be able to separate the project from the overall economy. Get hobby. Apparently, you’re retired with nothing else better to do than complain.
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Why do so many people on this board feel a need to insult each other?
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wow,it gives them a feeling of superiority to compensate for their sad lives!
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I think it’s great to see the markets show some signs of confidence. I am excited to see some activity take place on this corner as I think it will really add to the overall value of the neighborhood. I applaud all parties involved for sticking with it.
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Kiel Opera House should be catalyzing the rebirth of our civic center
right now, or long ago. Park Pacific is in our civic center as is MOPAC, Jefferson Arms, Plaza Square, Blu, and the Library. Do it all NOW.
There is no more time to ‘piecemeal downtown’.
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I give Lawrence Group props for being able to get a development of this size off the ground given the current economy. Condos or apartments, it does not matter. Downtown needs to continue rehabbing all the hulking white elephants out there (especially the middle corridor of downtown where the UP building sits).
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This is great news, work is work. The only thing disappoainting is the government is basically financing the project. Seems as though without the government to back the loans that this job would not move past the design phase.
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I think it may not be a bad thing for some of these projects to simply be mothballed for better times instead of proceeding now. Those with demolition complete and stabilization work done will be very attractive (and hopefully fast moving) projects once financing options improve.
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