Octagon Lends $48M on Missouri Office-to-Resi Conversion of Former 7Up HQ
Revive Capital Development and KAI Design + Build are redeveloping the office building in Clayton, Mo., into 118 luxury apartments
By Andrew Coen October 26, 2026 4:22 pm
reprints
A building that forged the rise of a soda brand in the 1960s and `70s is poised for a fizzy makeover with some fresh creative capital.
A joint venture between Revive Capital Development and KAI Design + Build has secured $48.25 million of construction financing to facilitate an office-to-residential conversion of the former 7Up global headquarters in Clayton, Mo., Commercial Observer has learned. The financing package includes tax credits for historic rehabilitation.
Octagon Finance provided the unitranche loan supporting the adaptive reuse of the 11-story building in Downtown Clayton 10 miles west of St. Louis into a 118-unit apartment complex. The 200,000 square-foot redevelopment project called the Upton will be built at the site where 7Up launched its Uncola campaign in 1968.
Zach Bubrosky, head of originations for Octagon Finance, said adaptive reuse was an ideal solution for the former 7Up building given the historic nature of the property and the need for new housing options or young professionals in an area close to Washington University in St. Louis. The soda company relocated from Clayton to Dallas in the late `70s, and the building has been vacant for more than a decade.
“When you’re doing these historic tax credit projects, you have to maintain the historic integrity of the building,” said Bubrosky, noting that the building will have pictures of various 7Up bottles. “It makes for an interesting project while also giving back to the community in a way by providing additional housing at a time when you know there’s such a lack of housing supply in this market.”
Located at 121 South Meramec Avenue, the Upton will have a unit mix of studio, one-bedroom and two-bedroom apartments. Resident amenities will include a fitness center, a heated outdoor spa, a dog wash, a game room and fire pits.
Bubrosky added that the project should generate strong demand drivers from its location in Clayton, home to the global headquarters of Enterprise Rent-A-Car, Centene Corporation, Emerson Electric and Graybar.
Revive Capital Development and KAI did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
