3501 Chouteau Ave, St Louis, MO 63103

Property Description

Rare urban development opportunity in the heart of Midtown St. Louis — 2 acres of investment-grade land positioned at the gateway to the city's newest and fastest-growing district, Prospect Yards. The Steelcote Prospect Yards Assemblage comprises two non-contiguous parcels totaling approximately 2.00 acres (+/-87,120 SF) in City Block 2213: a +/-1.50-acre rectangular parcel fronting Papin Street (the hotel site) and a +/-0.50-acre Chouteau Avenue frontage parcel (the QSR/retail site), with Theresa Avenue providing secondary access on the eastern boundary. The subject site sits at the epicenter of over $2.8 billion in new construction activity that has transformed Midtown over the last decade. The seller, Pier Property Group, developed the award-winning Steelcote Square campus immediately adjacent — three phases of residential mixed-use totaling 153 units across Steelcote Lofts, Steelcote Crossing, and the ground-up Steelcote Flats (158,000 SF, completed 2022). National retailers Target (70,000 SF) and Topgolf anchor the immediate block. SSM Health's $550 million SLU Hospital and the under-construction Cardinal Glennon Children's Hospital sit directly across Chouteau Avenue — the single strongest demand driver for the proposed hotel use. Saint Louis University's North and South campuses flank the corridor, generating sustained hospitality and retail demand from 15,000+ students, faculty, patients, and medical visitors daily. Architectural concept plans (Arcturis, January 2025) have been prepared depicting a 4-story, 100-key hotel with +/-100 surface parking spaces on the Papin parcel, and a 1-story commercial/QSR building (+/-2,500-7,500 SF) with drive-thru capability on the Chouteau frontage parcel. Current zoning is J-Industrial; rezoning will be required for hotel and/or retail uses. The site carries eligibility for Chapter 353 tax abatement through the St. Louis Midtown Redevelopment Corporation (SLMRC) — potentially providing up to 20 years of real estate tax abatement on improvements, a compelling economic incentive for any developer underwriting construction costs in the current environment. The parcels may be purchased together as a single +/-2.00 AC assemblage at $2,750,000, or separately: the North Parcel (Papin) at $2,000,000 and the South Parcel (Chouteau) at $750,000. All-cash, 1031 exchange, or assumable mortgage structures will be considered.