Phase 1 of The Victor Lifestyle Apartments is Complete in Downtown West

The Victor

$130M Adaptive Reuse of Historic Butler Brothers Building offers unique lifestyle amenities and supports continued growth of neighborhood and region

ST. LOUIS, June 7, 2023 – Memphis-based Development Services Group has completed the first phase of its highly anticipated lifestyle apartment building The Victor in St. Louis’ Downtown West neighborhood. The $130 million adaptive reuse project of the former Butler Brothers Building, spanning a full city block at 1717 Olive St. between 17th and 18th streets, ushers in a new era in living and growth for the neighborhood. The Victor is now pre-leasing for July move-ins for its first 184 completed units.

Built in 1906 and listed on the National Register of Historic Places, the 735,000-square-foot building was once a thriving hub in the former St. Louis Garment District. As The Victor, it is reimagined to be a full-service luxury living community with endless amenities for work and play. The building's numerous communal spaces are now complete as part of Phase 1, including: a grand lobby; interior courtyard; state-of-the-art fitness center with separate yoga and pilates studios and a golf simulator; entertainment room with billiards; gathering kitchen with coffee bar; and an expansive rooftop terrace with a pool, sundeck, rooftop bar, grills and gathering spaces; dog park and lounge; and a pickleball court.

"Because the property covers two acres, we had an opportunity to put in amenities you wouldn't necessarily be able to otherwise," said Gary Prosterman, president and CEO of DSG. "The Victor offers an incredible value for residents who are able to park in our secure underground garage, hang out with friends in dynamic social areas, use well-equipped coworking spaces, work out in the fitness center, cook in the display kitchen or grill on the roof, and lounge in the pool all included in their rental rate."

The light-filled, open floor plan apartment units feature 11-foot ceilings, large windows, exposed brick, space for home offices, modern kitchens with quartz countertops and stainless steel appliances, and in-unit washer and dryer sets. Studio, one-bedroom and two-bedroom options are available with varying layouts.

The project team's priority for the adaptive reuse was preserving historical aspects and thoughtfully incorporating them further into the other design features and interior throughout the building. Trivers Architecture, the architecture and interior design firm for the project, led the project team in meticulously analyzing the building's history and the surrounding neighborhood. PARIC Corporation serves as the general contractor for the project.

"None of this would be possible without State and Federal Historic Tax Credits," said Prosterman.

Bank of America was the project's federal historic tax credit investor and senior construction lender, with Meta Real Estate Partners as the junior construction lender. Enhanced Capital and US Bank were the state tax historic credit investors while FirstBank provided the historic tax credit bridge financing. DSG principals along with Enhanced Capital provided the balance of the equity needed to complete this important catalytic project.

DSG received early support on the project from Greater St. Louis, Inc. and as the project progressed the team worked closely with the city of St. Louis and the Greater St. Louis Development Corporation with an agreement by DSG to designate 25 percent of the units for workforce housing.

DSG and the design team worked diligently to preserve the building's historical elements, such as its light industrial architecture and brick exterior with distinctive terra cotta detailing. By reusing this enormous concrete and masonry structure, the embodied carbon put into this building nearly 120 years ago is equivalent to carbon sequestration of nearly 16 of St. Louis’ Forest Park.

"The retention of the historic fabric and historic nature of the structure is something you can never replicate," says Trivers Principal Joel Fuoss. "The more we can retain, the more the project becomes that much more rich in its resonance with people."

DSG has extensive experience with historic adaptive reuse projects, having completed high-profile, historic preservation projects in Atlanta, Georgia; Houston and Fort Worth, Texas; Tampa, Florida; Philadelphia, Pennsylvania; and Memphis, Tennessee.

For more information on The Victor and current leasing opportunities, visit Victorstl.com.

About Development Services Group

Development Services Group is a Memphis-based developer and operator of commercial real estate assets. The group's mission is to rebuild communities and preserve historic structures through project management and investment for a range of hospitality, commercial building and multifamily properties. Its seasoned team has managed the development and redevelopment of dozens of properties across the United States. For more information, please visit www.dsginc.net.

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