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Chemical Building

Chemical Building in downtown St. Louis, November 2012. From city's real estate information website

The historic Chemical Building in downtown St. Louis has a new owner. 

721 Olive LLC was the lone bidder during a foreclosure sale Tuesday afternoon on the steps of the Civil Courts building, according to Cheryl A. Kelly, attorney for the foreclosing lender.

721 Olive LLC, a Delaware entity, was also the previous lender and acquired the property for about $3 million, she said. No further information on the owner of 721 Olive LLC was available.

City records identify the previous owner as Chemical Lofts LLC. 

In 2012, LandWhite Developers had bought the foreclosed property from Centrue Bank and attempted to put at least 120 apartments in the building as part of a larger $34 million project.

In 2006, before LandWhite, a similar plan was in motion for the historic building when a Los-Angeles based investment group bought the building with plans for luxury condominiums. Civitas Development LLC renamed the building Alexa but the recession later stalled plans and the group filed for bankruptcy protection in 2010. 

The building, constructed in 1896, is a city landmark and is listed on the National Register of Historic Places.  

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Samantha Liss • 314-340-8017

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sliss@post-dispatch.com