ST. LOUIS, MO/February 1, 2017 (STLRealEstate.News) Railway Exchange Building – Downtown St. Louis had a bit of real estate activity this past week with the official announcement of a Florida-based developer completing a purchase of the century-old Railway Exchange Building. After the purchase, the new owner, Hudson Holdings of Delray Beach in Florida, paid just above $20 million for the building that occupies an entire block in the middle of downtown. When asked about the transaction, Hudson Holdings did not respond to request for comments about its plans. The company put the building under contract last spring.
Sources are still speculating what the firm is up to, and think that redevelopment would include a mixture of residences, stores, and perhaps even a hotel. The building comes with lofty history, having been constructed in 1914. It has 21 floors and 1.2 million square feet of space. It was formerly the headquarters of the May Department Stores Co. and downtown’s Macy’s Store location.
Macy’s moved out of the building when it closed in 2013. Since its closure, the building at 601 Olive Street has been vacant. The property includes the parking garage connected to the Railway Exchange by a fourth-floor sky-walk over Olive Street.
Recently updated on the Hudson Holdings website, the company emphasizes the “downtown historic adaptive re-use” of the location and sees potential in the older, transformational assets. The real estate firm is no stranger to historic renovations, having projects that include the nearly century-old Huntington Building in downtown Cleveland, the Textile Building in Cincinnati, and the Mark Twain Building in downtown Kansas City.
When Macy’s downtown St. Louis closed, it occupied the Railway Exchange’s three lower floors, less than a third of the space the Famous-Barr store previously filled.
Stay tuned for information and details on what the development company plans to new with the new-found historical and strategically located acquisition.
Contributing Editor: Alexandra R. Fasulo
Picture courtesy of Preservation Research Office