Located in a transition area of the inner city, the Drake Plaza's difficulties were significant enough that Kohner Properties was able to acquire it in a foreclosure sale in 1997. It is not far from two major hospital complexes, and within a few blocks of major arteries. The distinctive stone fronted structure is aesthetically a legitimate neighbor of the Fox Theatre, Powell Hall, and other vintage structures in the immediate vicinity. It offered comparatively spacious one and two-bedroom units ranging in size from 550 to more than 1,200 square feet, plus a beautiful courtyard and stainless steel swimming pool. Kohner developed new graphics and signage systems especially for the Drake Plaza.
All units feature eurostyle kitchens, ceramic tile baths, and central air conditioning.
The Drake Plaza was aggressively marketed to a demographic base of city dwellers interested in both the excitement and energy of the theater district and the property's distinctive surroundings and convenient lifestyle. Savings on the renovation made possible by Kohner's in-house construction management resources made it possible to hold lease rates at attractively low levels. Community Impacts Once seen as a failing location with doubtful potential, the Drake Plaza is now a sought-after place of residence in the city's midtown area, and has become a valuable residential and commercial anchor for the successful Grand Center Theater and entertainment district. Listed on the National Register of Historic Places, Drake Plaza is located in the heart of the St. Louis theater district near Powell Symphony Hall and the Fox Theatre.