Work is expected to begin this summer on the $51 million renovation of the former CPI Corp. headquarters in downtown St. Louis as apartments and a preschool.

Michael Knight, the Kansas City developer who bought the building in January, said Thursday the historic structure will get 168 market-rate apartments and a preschool called Spectrum Station.

Interior demolition of the building at 1706 Washington Avenue could begin in July or August, followed by the start of full renovation in September and move-ins beginning a year later, he said.

Monogram is the project’s name in keeping with the nine-story building’s original name when it opened in 1910 as a millinery factory and warehouse in the city’s garment district. The nine-story brick and terra cotta structure is on the National Register of Historic Places.

Knight, a partner in Revive Capital Development, said he will use state and federal historic preservation tax credits to help finance the project. In addition, the project will get 10 years of property tax abatement.