The end of year rush of projects is here, and beyond big ones like 909 Chestnut or 50 South Bemiston or the tax abatement request for Albion West End, there are a series of projects being announced and/or seeking a tax incentive to make possible all across the City of St. Louis.
The December 13th LCRA meeting will feature several projects of varying size with the following projects being the focus of this post.
Simmons School: Located in the Ville Neighborgood in North City, Fleur De Lis Developmrnt Corporation is planning to redevelop the William Ittner designed school into 55 apartments. A tax abatement term is not specified on the LCRA agenda nor is a timeline. The estimated project cost is $18.5 Million.
2616-20 Cherokee Street: This 2-story building is set to be redeveloped by Jason Deem into 6 apartments and 3 retail bays. The project cost is estimated at $865,000. LCRA staff recommends a 10-year tax abatement term at 75% of the assessed value after incremental improvements. This project will bring one more vacant building on Cherokee Street back online, contributing to the already popular and dynamic South Side district.
Old Judge Building: Continuing the redevelopment of Laclede's Landing into a residential-heavy neighborhood by the Advantes Group, the Old Judge Building will be redeveloped into 33 apartments and 14,750sf of retail space. Plans call for all apartments to be priced for people making between 60% and 80% of the area's median income (AMI). LCRA staff recommend a 10-year tax abatement term at 75% of the assessed value after incremental improvements. The estimated project value is $12.2 Million.
Grandview Arcade at 3600 South Grand: In a Facebook post Monday morning, Lutheran Development Group announced that they intend to redevelop the building as part of their "Marquette Homes" development. This will be done in partnership with arise Community Development. Plans for Marquette Homes include 60 affordable housing units with the Grandview Arcade becoming retail space and affordable apartments. With historic tax credits being awarded, the redevelopment of this key building should begin in the spring of 2023. No estimated project costs have been revealed.
Renderings and timelines for all listed projects have yet to be released.
In the Central West End, the Albion West End project team (Albion Residential and Koplar Properties) is seeking a tax abatement for the 30-story, 293-unit building. Since March, the project costs have increased 10% (now at $145 Million versus the original $132 Million). The LCRA staff is recommended a 10-year tax abatement term at 75% of the assessed value of the property after improvements.
In exchange for the incentive, the development team will contribute $1.3 million to benefit the community.