The BSA Lofts is a proposed mixed-use development consisting of luxury, market-rate rental units and 5000 square feet of ground floor retail space to be located at 4568 Pine St., St Louis, MO in the heart of the highly sought-after Central West End neighborhood. It will involve the razing of the former Boy Scouts of America office building.
The Central West End is a prosperous and active area of St. Louis with large employers, especially in the educational, medical, medical research, and hospitality areas. Shops, restaurants, and recreational/cultural opportunities in the nearby world-famous Forest Park abound. Over 45,000 jobs are in a 2-mile radius, many high-paying, and jobs continue to increase. Hwy. 40/I-64 borders the south of the area, and as the major east-west highway spine gets people to jobs throughout the metro area easily enough.
Upon completion, the project will offer a total of 157 multifamily units in a single 4-story building (5 stories of wood frame over a 2-story garage/retail at grade. The building will have a pool in the courtyard facing west with festoon lighting, shade sails, a fire pit, a turfed area for yoga/exercise, an outdoor kitchen, and a hot tub for its residents. A glass-enclosed fitness room will face the pool deck. Next to the ground floor retail will be the leasing office and community room. There will also be a bike storage/bike-washing area and a pet-washing area.
The nature and timing of the entitlements required are as follows: 2 months to get Neighborhood Support, 3 months to get Cultural Office support for the exterior and concept site plan, and 5 months to get Preliminary Development Plan approval.
The units will have balconies/patios, high-end appliances, 9–10-foot ceilings, in-unit washer/dryers, ceiling fans, and central heat/air conditioning. The construction will be of high quality and complement the surrounding neighborhood.
The units will be offered at approximately the following rental rates:
Studio: $1,750
1BR: $2,050
2BR: $2,900
These rents are achievable based on the incomes of the workers in the area and are affordable when compared to the rents in the CWE. The submarket has experienced strong population and job gains over the last 10 years. Strong rent growth is a staple of the area suburban St Louis, with it being forecasted in the 3% range, a top 10 U.S. rent growth number, by most sources. The overall vacancy in the submarket is roughly 5%-6%. There is a serious rental housing shortage in the area. The retail rents are comparable to those in the area, and the retail space is substantially leased in the area.
Project costs will total approximately $51 million, consisting of equity generated from the sponsor and the sponsor’s Limited Partner, and a /construction/perm loan.
The project developer is Garrison L. Hassenflu. Mr. Hassenflu is the Sole Member of Garrison Community Development, LLC, the development entity. Mr. Hassenflu is also the Sole Member of Garrison Community Management, LLC, the property’s property manager. These companies and other affiliated companies comprise the umbrella entity, Garrison Companies (www.garrisoncompanies.com). Mr. Hassenflu has over twenty-five years of experience in development, having developed over $140,000,000 in affordable and mixed-income living units totaling over 1400 units in 6 states. Currently, he has a portfolio of 350 units, having sold 90% of his projects, and has 350 units under construction (or soon to be under construction) for luxury market rate living in his hometown of Kansas City. His work has received national acclaim from the National Housing and Rehab Association.
The project will be constructed by Raineri Construction, St Louis, and designed by HDA Architects, St. Louis.
We expect a February 15, 2026 construction start with an August 15, 2027 completion. We anticipate an absorption of 25 units per month, which is comparable to other area sub-market lease-ups