Cupples Seven Warehouse could cost $60 million to renovate

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KMOV.com

Posted on December 5, 2011 at 8:52 PM

Updated Wednesday, Oct 23 at 12:53 PM

 ST. LOUIS, Mo. (KMOV)- Damage throughout the building, a massive hole in the roof, and shut off roadways for fear of high winds causing the walls to collapse are still not enough to deter the support for saving the Cupples Seven Warehouse near Busch Stadium.

Despite the support for saving the building, its owners are broke, have yet to face any serious consequences.  One property owner petitioned to demolish the building, but the city committee in charge turned him down.

Property owners Kevin McGowan and Nat Walsh still owe the bank money on the building and now have local preservationist calling for their arrest.  He believes few other landlords would get away with the repeated code violations.

Repairs to just the walls could cost a few hundred thousand dollars, and total renovation to the building could cost nearly $60 million dollars, which could come out of city taxpayers’ pockets.

Mayor Slay says he could certainly try to get the money back down the road, but McGowan and Walsh do face a number of lawsuits from creditors and the chances of getting money from them are slim.  Slay believes the only hope would be if an investor became interested in rehabbing the building after the market recovers, 

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