Opportunity Zone Commercial Property For Sale

Opportunity Zone Commercial Property For Sale
Quad-Fectived of Tax Credits and Development Incentives

Unlimited Opportunities abound in this Opportunity Zoned Commercial Property For Sale on Dr Martin Luther King Dr. Located in an Opportunity, Enterprise, Promise and Hub Zone. This is the Quad-Fectived of Tax Credits and Development Incentives! The 3-story 27,000 SF full masonry structure is situated on 2-land parcels approximately .38 aces. The property surrounded by other properties owned by the LRA creating the opportunity for business expansion.

The building constructed in 1923 as a mercantile building 2008 the building underwent major improvements /upgrades to be utilized as the Euforia Nightclub & Lounge including;

• Sewer Lateral
• Water Service
• New Electrical Service-Single and Three Phase
• Wet Sprinkler System (Occupied Area Only)
• Front Exterior Windows
• Membrane Roof
• Paved Rear Lot
• Fire Escapes from Mezinane
• Basement Concrete Stair Emergency Exits
• Water Proofing-Basement
• Fire Alarm System
• Security Cameras
• And so much more…..

Over $1,000,000 in improvements were made in 2008 to redevelop the property as a Night Club with an occupancy capacity of 1070 patrons. This was one of the premier Night Clubs in St. Louis occupying 14,700 square feet on the first floor, Lower Level, and Mezzanine of the building. The building sale may include all of the tenants finishes as a Night Club, including the sound systems, lights, TV’s, seating, and much more.

Description of Floors
Occupied Area

The First Floor is mostly open except for a front entrance lobby and rear bar with a back room. The First Floor is surrounded on three sides by a 3,000 SF mezzanine. The ceiling height of the first floor is over 17 feet, and the mezzanine is 8 feet. The First Floor, Mezzanine, and Lower Level each have a dedicated 200 Amp Electrical Panel. There is an accessible restroom on the first floor with the main building restrooms located in the Lower Level. Metal Stairs lead to the Mezzanine and Lower Level Club Areas.

Unfinished Upper Floors

Access to the upper 2-floors is via a concrete staircase. The 2nd and 3rd floors are wide-open with an interior demission of 117 feet X 47 feet. The upper floors are raw with concrete floors and ceilings, and no utilities or amenities. The front exterior windows on the upper two floors have newer aluminum frame windows. Ceiling heights vary from 10 feet on the 2nd floor, and on the 3rd floor with tapered roof, ceiling height varies from 15 feet at the front of the building to 11 feet at the rear of the building. A freight Elevator once went from the ground floor to the third floor but has been removed.

The property is ideal as a “Turn-Key” Night club or converted to a variety of other uses; office, church, meeting space, banquet facility, storage, housing, retail and more. The city has paved, strip, and lighted a 200-car parking lot across the street from this property for its use. Virtually the entire city block can be acquired for business expansion with the LRA currently owning the majority of the property.

Tax Credits/Incentives Available

5960 Dr. Martin Luther King Ave is located within an Opportunity Zone, Promise Zone, Urban Enterprise Zone, and HubZone all offering tax incentives to own and operate a business in the neighborhood.

Opportunity Zones encourages long-term investment and job creation in low-income areas of the state, by allowing investors to reinvest unrealized capital gains in designated census tracts.

Urban Enterprise Zone is an area in which policies to encourage economic growth and development are implemented. Urban enterprise zone policies generally offer tax concessions, infrastructure incentives, and reduced regulations to attract investments and private companies into the zone. Urban Enterprise Zone provides tax and regulatory relief to entrepreneurs and investors who launch businesses in the area.

Promise Zones is a Federal program that partners with local leaders to give communities proven tools to rebuild and put people back to work. The goal is to increase economic activity, improve educational outcomes, reduce serious and violent crime, invest in transformative development, and improve health and wellness.

HubZone is a United States Small Business Administration program for small companies that operate and employ people in Historically Under-utilized Business Zones. The program benefits include that it limits competition for government contracts to a business located in a HubZone and also gives preferential consideration to those businesses in full and open competition.

Historic Tax Credits are tax incentives for historic preservation of buildings through the US Department of the Interior (National Park Service), and the Missouri Department of Economic Development. The Federal Government offers a 20% rehabilitation tax credit equals 20% of the amount spent in a certified rehabilitation of a certified historic structure and 10% rehabilitation tax credit in non-historic buildings built before 1936. This in addition to Missouri law which provides an investment tax credit equal to 25 percent of approved costs associated with qualified rehabilitation making this a very