In as few as 18 months, students of Saint Louis University may be able to call the building commonly know as “The Superman Building” home.

Owen Development Co. is planning renovation of the Continental Building, located two blocks north of the University on Grand Ave.

The renovation is currently in the planning process and construction should begin before the end of the year, according to Steve Trampe of Owen Development. The project is expected to be done approximately 16 months after construction begins.

SLU is playing a major role in this project.

“The University is committed to making a loan to the project of $1.5 million.” stated Vice President of Facilities Management and Civic Affairs Kathleen Brady.

“The building will be renovated into apartments and that will benefit the University in two ways,” Brady stated. “First, the University will be able to master lease apartments in the building for student housing if there is a need for additional housing beyond our on-campus capacity, like there was this fall. Second, the development of the building will eliminate a prominent and visible eyesore in the Grand Center area, bring more residents to the area, and spark additional developments.

“Development and success of the Grand Center area benefit SLU because we are immediately adjacent to the area.”

Trampe explained that there will be both modest as well as luxurious apartments which will be leased to “anyone who qualifies.”

There will also be a restaurant added as well as some commercial office space.

The building has stood vacant since 1974. Beginning in 1930, it housed offices for Grand National Bank and the Continental Life Insurance Co.

Owen Development is also involved in another housing project near SLU. They have recently renovated the Crown Loft Apartments on the corner of Laclede and Boyle. A grand opening is scheduled for these apartments tomorrow.