One of downtown St. Louis’ most recognizable mixed-use buildings, Park Pacific Apartments, has been sold for $56.73 million, signaling continued investor confidence in the city’s central corridor.

The 450,000 SF property at 1226 Olive St. was purchased Oct. 12 by GCP Pacific LLC from Park Pacific Leasing LLC, an entity tied to developer New + Found, which originally redeveloped the structure over a decade ago. The sale marks another milestone for the landmark building that helped anchor downtown’s residential resurgence.

Originally constructed in the 1920s as the Missouri Pacific Railroad headquarters, the 22-story Art Deco tower was transformed after decades of vacancy into a mixed-use hub featuring about 230 market-rate apartments, 31,000 SF of retail, 88,000 SF of office space, and a seven-story parking garage. Its historic boardrooms and walnut-paneled offices were preserved during the conversion, maintaining the building’s architectural character.

The $109 million redevelopment, completed by PARIC Construction and designed by The Lawrence Group, received state and federal historic tax credits and a city tax-increment financing package to support restoration efforts. Those public incentives continue to tie the project to downtown’s broader revitalization goals.

The property’s location — just off Tucker Boulevard near Washington Avenue — places residents and businesses within walking distance of restaurants, offices, and major entertainment venues. Its proximity and amenities have made it one of downtown’s most desirable addresses.

GCP Pacific LLC has not publicly disclosed future plans, but new ownership typically precedes operational or amenity upgrades. Potential enhancements to fitness facilities, common spaces, or retail offerings could follow as ownership evaluates opportunities to reposition the asset for evolving market demand.

The transaction reinforces investor confidence in St. Louis’ urban core, where several large historic redevelopment projects continue to attract capital. Park Pacific remains a bellwether property for downtown, blending preservation with modern living — and now entering a new chapter under fresh ownership.

Header image: The Park Pacific Apartments located in Downtown St. Louis sell to GCP Pacific LLC for $56.73 million. Photo | .New+ Found

Leaders convened downtown to mark the completion of the 7th Street corridor project, a significant infrastructure upgrade linking Ballpark Village/Busch Stadium and Washington Avenue/America’s Center. The improvements include protected bike and pedestrian lanes, widened sidewalks, upgraded crosswalks, new lighting and trees, repaved roadway (Walnut to Washington), and enhanced traffic management systems.

Developed through a public-private partnership featuring the City of St. Louis, Greater St. Louis, Inc., SLDC, St. Louis Cardinals, Explore St. Louis, and local business investors, the effort also ties into the Brickline Greenway at Market Street to boost connectivity and foot traffic.

Project backers say the upgraded corridor will foster a safer, more welcoming environment that supports walking, biking, and street-level activation. As activity increases, they expect new demand in retail, offic,e and mixed-use commercial real estate, helping to catalyze redevelopment of underused properties. In a market where downtown has wrestled with office vacancies and the need for adaptive reuse, this improved infrastructure is poised to attract investor interest and support the conversion of dormant buildings into productive space.

Officials view the 7th Street project as a milestone in the broader downtown revitalization agenda — one that strengthens links among core destinations and lays groundwork for sustained real estate momentum.

Header image: City leaders celebrating the completion of the 7th Street infrastructure upgrade project. Photo | .Greater St. Louis, Inc.

Park Pacific Apartments in downtown St. Louis sell for $56.7 million

7th Street revitalization ushers in new era of connectivity and commercial growth