ST. LOUIS–Gateway Federal Credit Union has put its headquarters up for sale and is seeking to move out of a struggling downtown St. Louis.
According to the St. Louis Business Journal, the $175.6-million Gateway Metro has placed its building at 1001 Pine St. up for sale in the past several weeks with an asking price of $1.25 million.
The two-story building, solely occupied by the credit union, houses its administrative offices and Gateway's branch in the city of St. Louis.
Built on Top of Rowhouses
The 16,247-square-foot building is on a 0.18-acre lot, which CEO Jay Lewis told the Business Journal was constructed on top of the foundations of row houses that had originally been built in the 1800s.
“The decision to list the building is part of a plan by the 53-employee credit union to exit downtown for a location elsewhere in the city or eastern St. Louis County and expand its appeal, particularly to younger people,” Lewis was quoted as saying. “We’re just looking to get out of downtown. The vibe downtown isn’t like it used to be.”
Other Factors
Gateway Metro said its research shows that the fastest declining population in the city is people 35 and younger, the age group it is targeting, according to the report.
Also helping drive the decision has been concerns around employee safety downtown.
The Business Journal reported Gateway Metro is considering other areas of the city with an ultimate goal of a new central location would include branch space, a parking lot for a drive-thru ATM and office space for employees,
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