St. Louis Developer Lists Another Downtown Apartment Tower for Sale Amid Market Shifts
Real estate developer Brian Hayden, who owns multiple properties in downtown St. Louis, has listed another of his apartment buildings for sale as the area sees renewed investment interest alongside some lingering market challenges.
The Gallery 515 apartment complex at 515 Olive St. is now on the market with an asking price of $15.8 million. The 20-story tower currently features 92 apartments, with room for approximately 70 more units if vacant office space is converted.
This listing comes as Hayden also seeks a buyer for another of his properties, the Laclede Gas Building (Gallery 720) at 720 Olive St., a 31-story mixed-use tower with an asking price of $34.1 million.
Expert: Market Conditions Are Shifting, but Opportunities Exist
Industry professionals say Hayden’s move reflects a changing landscape in downtown real estate, where new investments, redevelopment projects, and strategic sales are shaping the market.
Jay Lindberg, Broker-Owner at New Monarch Realty, sees opportunities ahead despite some ongoing challenges.
“The downtown St. Louis real estate market is evolving, and we’re seeing a mix of veteran developers and new investors positioning themselves for the next phase of growth,” Lindberg said. “There’s no doubt that vacancy rates remain a concern, but the positive side is that investors are still actively seeking well-located properties with potential for repositioning.”
According to Cushman & Wakefield’s latest data, downtown St. Louis has a 17.1% multifamily vacancy rate, notably higher than the 9.9% regional average. However, new developments and adaptive reuse projects are generating fresh momentum.
“Investors are carefully evaluating properties to ensure long-term success,” Lindberg added. “But if a building is well-managed and has a strong value-add strategy, there’s definitely room for growth.”
Gallery 515’s Potential & Market Positioning
Gallery 515 spans 230,279 square feet, with 90,167 square feet dedicated to residential use. The building houses Park Avenue Coffee and Hayden’s Irish Pub on the ground floor, while the remainder of the property consists of vacant office space that could be converted into additional apartments.
Andy Scott of Realty Exchange, who is marketing the property alongside Matt Bukhshtaber and Corey Egan of CBRE, stated that interest in the building has been steady since its listing.
“We’ve already had multiple tours, and there’s definite interest,” Scott said.
A key selling point of Gallery 515 is its assumable loan, which carries a 10-year term at a 5.06% interest rate—a strong incentive in today’s financing climate.
New Development & Competition in the Market
Any buyer looking to expand the building’s residential footprint will need to consider the growing number of large-scale multifamily developments coming to downtown St. Louis, including:
- The Goldman Group’s $350 million redevelopment of the AT&T Tower (909 Chestnut St.), adding 625 apartments.
- The Cordish Cos.’ $670 million Millennium Hotel project, incorporating 600 new residential units.
- The potential redevelopment of the Railway Exchange Building, a prime location that could see new housing as the city moves toward acquiring the site through eminent domain.
Lindberg noted that while these developments add competition, they also signal growing confidence in downtown’s long-term potential.
“More housing downtown means more activity, more businesses, and a stronger overall market,” he said. “The key for investors will be identifying properties that align with the wave of revitalization that’s coming.”
Hayden’s Portfolio & Strategic Shift
Hayden acquired Gallery 515 (formerly Millennium Center) in 2013 for $3.9 million and invested $10 million to convert office space into apartments. He says the decision to sell is part of a broader strategy to reallocate capital for future opportunities.
“Downtown still offers a lot of potential, and I believe the next generation of investors will bring fresh energy to these properties,” Hayden said.
In addition to Gallery 515 and Gallery 720, Hayden owns several other downtown properties, including:
- Gallery 1014 (1014 Locust St.)
- Gallery 400 (555 N. 4th St.)
- Gallery Villas (511 Olive St.)
He has suggested that sales of additional assets could be considered as part of his evolving investment approach.
Beyond downtown, Hayden’s company owns apartment communities in Alton, Illinois, and developments in Midtown, Central West End, and Compton Heights. His most recent project, The B on Lindell, involved transforming the historic Masonic Temple at 3681 Lindell Blvd. into a modern residential complex.
What Comes Next?
As Hayden moves to sell select properties, the downtown real estate market remains in transition, balancing high vacancy rates with increasing redevelopment interest.
While challenges exist, experts say the right investment strategy can unlock value in downtown’s evolving landscape.
“Downtown St. Louis is at a turning point,” Lindberg said. “For those with a long-term vision, there are some exciting opportunities ahead.”
