ST. LOUIS — A recent Wall Street Journal article reports that downtown St. Louis real estate is in a “doom loop.” Grand Center, located just west of downtown, was also struggling in the 1990’s. A project to save another iconic skyscraper, abandoned for decades, helped bring it back. Now, Midtown is getting billions in investments.
This is all after the AT&T building in downtown St. Louis sold for $4.1 million in 2022 after a $205 million sale in 2006. It has sat abandoned for nearly 5 years. Could creative investments boost this area too?
The Continental Building, a prominent part of St. Louis’s midtown skyline, mirrors the city’s own tale of grandeur, decline, and revival. Once the finest office space, it faced decades of abandonment and decay.
Despite its initial success, by the 1970s the building showed signs of aging. The flight to the suburbs and a surplus of office space led to its closure in 1979, after the last tenants left in 1973.
The 1980s brought further indignities: stripped furnishings, water damage from burst pipes, and vandalism. Efforts to repurpose the Continental failed repeatedly, reflecting the challenges of restoring such a massive structure.
Here’s a fun aside. The skyscraper may have served as the inspiration for the ghost-infested building featured in the 1984 film Ghostbusters, according to the Riverfront Times. Although the movie was set and filmed in New York, the iconic haunted building was modeled after this St. Louis structure.
A turning point came in 1997, with new plans for revitalization led by several area businessmen. Their vision included converting the building into 101 apartments and commercial spaces.
By 2001, a complex $28 million financing package was secured, making way for the award-winning rehabilitation of the Continental Building. Today, it stands as a testament to the potential for revitalizing historic structures and boosting local communities.
The rehabilitation of one building did not completely transform the area played a vital role. Several organizations worked for decades to make the area a cultural center for the region.
Forbes recently posted an article praising the area titled, America’s Most Exciting Emerging Arts District Is In… St Louis? They highlighted the Grand Center Arts District, that features two art museums, the symphony, and a major performing arts venue. It also includes an arts-themed hotel, an annual music festival, recording studios, two radio stations, a mural park, a jazz club, and a nightclub. Additional attractions include art galleries, artist studios, rehearsal spaces for performing arts, and a fine art printing shop.
