Five downtown apartments may be in store for St. Louis, as Gemini Capital Management of Breckenridge intends to create such on the second floor of the building just north of Main Street Pizza.
Gemini owner Ryan Smith said in a letter to Downtown Development Authority Director Phil Hansen that the apartments will be a combination of one-bedroom and studio units totaling about 3,000 square feet.
Cost of construction is estimated at more than $400,000, although bids have yet to be obtained.
Smith plans to retain as many original architectural features as possible, while tearing down some interior walls.
Proposed improvements include new heat and air conditioning systems, new plumbing and plumbing fixtures, new major appliances and new cable-ready services.
Smith’s goal is to begin construction next summer and finish by the fall.
City council members seemed amenable at their last meeting to granting a tax break to Smith for the project under the Obsolete Property Rehabilitation Act. If approved, the taxable value of the property will be frozen at the current level for up to 12 years.
City council set a public hearing for Jan. 15 to give residents a chance to weigh in with their opinions on the proposed apartments.
Mayor Pro-Tem Melissa Allen knows Smith from her work as a Century 21 Realtor. “I’ve worked with this young man a long time, and he’s done nothing but impress me,” she said.