Sign in Subscribe
Commercial banks

Historic Cupples Station Revival: NationsBank and McCormack Baron Unite to Revitalize Downtown St. Louis

Strategic Insights

— 1 min read

NationsBank, a major financial institution, and McCormack Baron & Associates, a renowned developer, are teaming up to buy and revitalize the historic Cupples Station, a 10-building complex in downtown St. Louis. The joint effort, which marks a first in the nation for a bank's active involvement in a project of this magnitude, aims to restore the empty warehouses and transform them into a luxury hotel, office spaces, restaurants, and shops. The bank's subsidiary, Community Development Corp., will partner with McCormack Baron to acquire the property, which has been owned by Blue Cross and Blue Shield of Missouri since 1992.

Key Takeaways:

  • Cupples Station, a historic railroad freight depot, is being purchased by NationsBank and McCormack Baron & Associates to revitalize the complex.
  • The project will involve renovating at least two warehouses for offices, with retail and restaurants at the street level, and converting three other warehouses into a 220-room Westin hotel.
  • The hotel, valued at $40 million, is expected to be completed by 2000, with renovations starting by the end of this year or early next year.
  • A 550-car-parking garage will be built on vacant land next to the office buildings, and a group of three turn-of-the-century buildings will be developed for offices, with shops and restaurants at the street level.
  • The project's budget includes $100 million in investment from NationsBank, and the bank's involvement is a first in the nation for a project of this size.
  • McCormack Baron plans to move its offices to Cupples after the office space is ready, and the remaining warehouses could be renovated for housing or offices, or used as part of a Smithsonian Institution-affiliated museum.
  • The National Register of Historic Places listing allows the developers to be eligible for federal and state historic renovation tax credits.

Statistics:

  • Cupples Station has 10 buildings, with at least two warehouses scheduled for office renovation.
  • The Westin hotel will have 220 rooms and be valued at $40 million.
  • NationsBank has invested $100 million in the Cupples Station project.
  • The parking garage will have 550 parking spaces.
  • The National Register of Historic Places listing will provide access to federal and state historic renovation tax credits.

Sources:

  • "NationsBank to buy downtown parcels for redevelopment" by the St. Louis Post-Dispatch, (no specific date mentioned in the original text)
  • Original article cited in the original request.

Read more