“I put the Pilgrim Building under contract last week,” Mr. Carlson quietly informed the St. Joseph Downtown Partnership minutes after the group voted to sell him the facade.

He and his partner, Mark Gardner, both of Springfield, Mo., are considering remodeling the Pilgrim Building into market-rate loft apartments. They would either put more apartments behind the former Winning & Englehart facade or build a stylish courtyard, Mr. Carlson said.

They’ve hired Stark Wilson Duncan Architects to design plans. The Kansas City firm specializes in historic restoration projects.

Mr. Carlson said he hasn’t ruled out seeking state and federal tax credits for low- to moderate-income housing. Final decisions depend on the architect design, financial analysis and packaging other possible projects in St. Joseph, he said.

“It’s a wonderful town,” Mr. Carlson said. “We think there’s a lot of potential for redevelopment. It is what we enjoy doing.”

The contract on the facade calls for Carlson-Gardner to pay the Downtown Partnership $19,500 and begin development within two years.

The deal means that all four structures in the Fourth Street Wholesale Row are in the hands of private developers or under contract. That puts downtown closer to the critical mass of residents that’s key to attracting more retail and entertainment businesses.

The Brittain-Richardson Building on the northwest corner already houses market-rate loft apartments, a telemarketing company and a popular Cajun restaurant.