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Posted on: November 1, 2022

Allen Building acquired by St. Louis developer

image of Allen Building

Developers planning to renovate the 70,000-square-foot Allen Building property, at 200 East Commercial Street in downtown Lebanon, reached another milestone Tuesday with the official ownership acquisition of the property.

The building is now owned by Allen Lofts, LP, a subsidiary of St. Louis-based Capstone Development Group. The developer took ownership of the property Tuesday after working with the previous owner - the Trustees for the Citizens of Lebanon - to complete the closing transaction.

In addition, as part of the initial project plans, last week the City of Lebanon began removing a single-story portion of the building that will be converted into new parking space as part of the overall construction efforts. 

Once completed, the project will bring new housing options to the downtown area in the form of approximately 50 new units that will mostly be loft apartments. Nearly 5,000 square feet will be allocated for commercial development within the building as well.

“We are excited to see this project moving forward for the betterment of downtown Lebanon,” said Mike Schumacher, Lebanon city administrator. “This is a prime example of positive collaboration between multiple partners including the City of Lebanon, Trustees for the Citizens of Lebanon, Lebanon Regional Economic Development, Inc., and Allen Lofts, LP, on a long-term investment for our community.”

More details on project timelines will be announced soon.

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