vacant since, along with several other large properties in St. Louis’ downtown. With their ambitious transformation of the AT&T Tower, The Goldman Group is aiming to help revitalize the city’s central business district. The Goldman Group was attracted to the opportunity for several reasons. The opportunity to purchase the building at a huge discount of only $3.55 million, which translates to less than $2.5 per square foot was clearly an anomaly in the market. Charles explained that vacant buildings of similar age and condition normally trade for at least $10-$40 per square foot depending on the market. In addition, despite only being 38 years old, the building is listed on the National Register of Historic Places, fitting the company’s investment strategy which focuses on the adaptive reuse of historic property. Typically, buildings under 50 years old are not even considered to be nominated on the register, but there are exceptions. This building was ultimately listed for its unique significance to St. Louis – it is the largest building in the state and, upon completion, will be the city’s tallest structure aside from the iconic Gateway Arch – and because it was designed by world-renowned architect HOK. Although at an early stage in their plans, The Goldman Group has shared that they anticipate the floor plates to consist primarily of apartments, with retail tenants on the lower levels and Class A amenity spaces on the higher levels and roof. They plan for the retail portion to include a major retail tenant – such as a grocery store – along with a wide variety of small businesses including restaurants, apparel stores, and destination tenants. In an effort to take advantage of the existing infrastructure of the building, The Goldman Group is in the midst of designing “an advanced parking system that utilizes newer technology” – technology such as car elevators and artificial intelligence. Similar automated parking systems exist mostly in Europe and Asia, but are slowly making their way into the United States, such as in the Porsche Design Tower – a luxury condo development in Miami, Florida. By offering the convenience and security of indoor automated parking, The Goldman Group will be on the cutting edge in providing its tenants with this premier AUGUST 2024
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