This project appears to be dead as the developer is looking to sell the building for $995,000
https://www.loopnet.com/Listing/2000-20 ... /26807203/
https://www.loopnet.com/Listing/2000-20 ... /26807203/
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This is back, applying for LIHTC.
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
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Hopefully this development is successful.
Developers plot new $66M plan for vacant North City warehouse
Developers plot new $66M plan for vacant North City warehouse
https://www.bizjournals.com/stlouis/news/2024/06/18/66m-apartment-project-planned-for-north-city.html?cx_testId=40&cx_testVariant=cx_5&cx_artPos=0#cxrecs_sThe developers behind the $65.9 million project, at 2000 N. Broadway, are Virginia-based ABC Realty Advisors and the Lodging to Living Fund of Bethesda, Maryland-based real estate firm Saul Urban. The project includes redevelopment of the 147,000 square foot building that will include affordable housing. The building previously was targeted by a local developer for multifamily housing. The project received preliminary approval last week from the city’s Industrial Development Authority to receive multifamily housing revenue bonds totaling up to $42 million. The bonds are expected to be purchased by a yet-to-be identified bank, according to city documents. The project’s financing also includes historic tax credits and low-income tax credits, according to the city. The project has a 20-year property tax abatement that has been approved at 15 years at 95% of the assessed value of incremental improvements and five years at 90% of that value.
North St. Louis within a mile of I-70 may be one of the most important areas that needs to be redeveloped for the long term success of our region. Millions of people travel that stretch of highway every year and what do they see?airforceguy1 wrote: ↑Jun 18, 2024Hopefully this development is successful.
Developers plot new $66M plan for vacant North City warehousehttps://www.bizjournals.com/stlouis/news/2024/06/18/66m-apartment-project-planned-for-north-city.html?cx_testId=40&cx_testVariant=cx_5&cx_artPos=0#cxrecs_sThe developers behind the $65.9 million project, at 2000 N. Broadway, are Virginia-based ABC Realty Advisors and the Lodging to Living Fund of Bethesda, Maryland-based real estate firm Saul Urban. The project includes redevelopment of the 147,000 square foot building that will include affordable housing. The building previously was targeted by a local developer for multifamily housing. The project received preliminary approval last week from the city’s Industrial Development Authority to receive multifamily housing revenue bonds totaling up to $42 million. The bonds are expected to be purchased by a yet-to-be identified bank, according to city documents. The project’s financing also includes historic tax credits and low-income tax credits, according to the city. The project has a 20-year property tax abatement that has been approved at 15 years at 95% of the assessed value of incremental improvements and five years at 90% of that value.
$9M 2000 N BROADWAY
$9M 2001 N 2ND ST
$2M 2020 N BROADWAY
building permits issued
$9M 2001 N 2ND ST
$2M 2020 N BROADWAY
building permits issued
On the Jun 18 Board of Adjustment meeting agenda - increasing the number of dwelling units from 177 to 185.
"An adaptive re-use conversion of a warehouse / manufacturing facility into a 184-unit apartment complex in St. Louis, Missouri."
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Pretty interesting that this can get financed and have a renovation proceed, along with the building one block south, but Crunden Martin could not. I'd argue that it's much harder to make residential work on North Broadway than mixed-use office and retail space south of the Arch.
It'd be great to hear the developers vision for the area. I can't imagine you make this kind of an investment without a larger vision.
If I recall correctly, the majority of the financing is coming from the equity generated from a 4% LIHTC allocation along with State and Federal Historic Tax-Credits. That makes a big difference in comparison to something like Crunden-Martin. Not that it is a cure-all. This type of building and location is tough no matter what short of someone with lots of money that just doesn't care whether they get it back or not.
I know that the developers do have a hope and vision of more conversions along Broadway, but I don't know of anything specifically in the works. I can see these buildings from my house, so I also have hope and vision for this stretch. But I definitely don't have the means to do anything of scale myself. The 8 vacant North City parcels I own for future development are enough of a money drag on me as it is.
I know that the developers do have a hope and vision of more conversions along Broadway, but I don't know of anything specifically in the works. I can see these buildings from my house, so I also have hope and vision for this stretch. But I definitely don't have the means to do anything of scale myself. The 8 vacant North City parcels I own for future development are enough of a money drag on me as it is.