``Terra Cotta Lofts,'' Largest St. Louis Downtown Condominium Project Financed by Firstar Bank, Opens for Media Viewing On Tuesday, August 29

Business Wire, August 25, 2000

Business Editors

ST. LOUIS--(BUSINESS WIRE)--Aug. 25, 2000

The first of 98 new loft condominiums to be built in the twelve-story white terra cotta building at 1501 Locust Street will open for a special media viewing on Tuesday, August 29, 2000. A grand opening to showcase "Terra Cotta Lofts" will be attended by local dignitaries, including the Hon. Clarence Harmon, on August 29 between 4:00 and 7:00 p.m. However, a special media walk through can be arranged earlier in the day, if need be.

Chicago-based investors and developers Jay Case, John Vanker and Joseph Freed and Associates have worked with Firstar Bank to secure loans and state tax credit equity for this $20 million historic renovation. The loft building, originally designed by architect Albert Groves and built in 1915, was home to General American Life Insurance Company until 1977. It is probably most recognized for the giant neon ball atop its roof, which signaled changes in the weather in the late 1950's and 1960's. The developers plan to re-light the ball as part of the building's redevelopment.

The Terra Cotta Lofts display at the open house has two bedrooms, hardwood floors, an open floor plan and a gourmet kitchen. The one and two bedrooms loft condos, with secured parking, will run between $125,000 - $250,000. Case reports that there have been many inquiries at the building's sales center and he is excited to feature the display as part of the Downtown Loft tour the weekend of September 8, 9 and 10.

Jay Case and Larry Williams, St. Louis city treasurer, are available to discuss a parking garage, which will be financed by the City of St. Louis and built on the lot to the north of the building, fronting Washington Avenue. The garage will provide secured parking for the condominium owners at Terra Cotta Lofts and for others in the burgeoning loft district.

Firstar Bank purchased approximately $3 million in state rehabilitation tax credits from the developers to help make the project economically feasible. In the last two years, Firstar has invested nearly $100 million in real estate construction financing and over $50 million in equity investments to assist developers with St. Louis' revitalization efforts. Both Kathy Bader, chairman of Firstar's Community Development Corporation, and Zack Boyers, Firstar assistant vice president, are available to discuss the impact of state tax credits in the regentrification of the downtown.

The Washington Avenue Historic District has received $17 million in federal funding for streetscape improvements like wider sidewalks, lights, benches and trees to give the area a more residential look and feel. Tom Reeves, Executive Director of Downtown Now!, a local not-for-profit created to facilitate the implementation of the new downtown revitalization plan, is also available to discuss how Terra Cotta Lofts will be a significant piece in the future plans for the area.

Firstar Corporation is a financial holding company with approximately $74 billion in total assets. Firstar has nearly 1,200 full-service banking offices and more than 2,200 ATM locations in Ohio, Wisconsin, Missouri, Kentucky, Illinois, Indiana, Iowa, Minnesota, Tennessee, Arkansas, Kansas, Arizona and Florida. Firstar offers a comprehensive line of consumer and commercial banking products and services, personal and commercial trust, investment management, insurance, securities brokerage, mortgage, credit card, cash management, international banking and other financial services. Visit Firstar on the web at www.firstar.com. Firstar was founded in 1853.