Dallas-based developer has historic Jefferson Arms under contract

ST. LOUIS, MO (KPLR) - The dilapidated Jefferson Arms downtown is getting yet another new lease on life. The building has been home to a number of things over the years.

Now there is a plan to make it several of those things again.

According to our partners at the St. Louis Post-Dispatch, a Dallas-based company called Alterra International has the 13-story building under contract. Alterra has a plan to turn it into a mix of offices, apartments, restaurants and a hotel. Once the purchase of the property is complete, the first thing that would have to be done is to clear all the debris and do an environmental cleanup. Renovation would begin with construction of shops and restaurants on the first floor and in the basement followed by work on the apartments and 240 hotel rooms.

The building was originally the Hotel Jefferson. It was built in anticipation of the 1904 World`s Fair and added onto in the 1920s. Among the names being discussed as operators of the renovated hotel portion are Marriott and Trump.

The purchase is expected to be complete in December. The entire project could be finished by January 2020.

The cost has yet to be determined but the developer says they will be asking the city for a TIF to help finance the deal.