urbanSTL

Seems like a lot of units designated for low income. Still for artists?

^ Yes, same artist focused amenities planned as the Leather Trades and Metropolitan. Both of those buildings filled within a month after opening (most units pre-leased). And both have waiting lists.

I am not quite sure how they limit it to artists, but it might be easier to think of "creative professions" when thinking about the pool of renters. So, musicians, dancers, graphic designers, writers, etc. I think there is a notion that artists are limited to painters and sculpters.

And I don't think it has to be the main source of income, as long as you can demonstrate you derive some income from your creative pursuit you would qualify. For example if you are a waiter and make some money playing in a band, you're in.

This is my understanding, feel free to correct me if you know more about how this works.

I believe that like Leather Trades, all of the units will be income restricted (generally this is at or below 60% of the area median, which works out to around $30,000 for a single person).

I'm not sure how these developments limit occupancy to artists, as the low income housing tax credit has a requirement stating the units must be available to the general public, save for the usual senior/special needs type housing arrangements.

Is $600-700 affordable for someone who makes $30k a year though?

Conventional wisdom says that it is "safe" to spend 27% of your income on housing.

Assuming these residents pay an extremely minimal amount of tax, $700 a month would work out to something like 35% (rough estimate) of after tax income (Assuming a 20% tax rate). It is likely lower than this as I would guess these residents would pay much less tax than that. So, yes, most would probably consider that "affordable housing."

stlcolleen wrote:I believe that like Leather Trades, all of the units will be income restricted (generally this is at or below 60% of the area median, which works out to around $30,000 for a single person).

I'm not sure how these developments limit occupancy to artists, as the low income housing tax credit has a requirement stating the units must be available to the general public, save for the usual senior/special needs type housing arrangements.

I put in an application a while back. You have to have a meeting with the property managers to show your art work. That can be whatever, painting, sculpture, theater, or anything cultural in nature.

I will say, I found the rents still to be a bit too high with the limit on income being $18k - $30k. If you make $30K a year, then $653 is just about affordable but any lower than that and it really gets tricky being an artist.

gone corporate wrote:LCRA Approves Dominium's Arcade Redevelopment Plan
Source: http://www.bizjournals.com/stlouis/news ... l?page=all

US Bancorp involvement in Dominium's Arcade Redevelopemnt plan noted in today's biz journals atricle on their investment growth. I can't help to think this a plus or positive sign of things going forward for Arcade/Dominium's plan.

U.S. Bancorp investments to surpass last year’s total

http://www.bizjournals.com/stlouis/prin ... rpass.html

A big step -

Recieved MHDC recommendation -

http://www.mhdc.com/nofa/FY2013_Funding ... 13_RP4.pdf

Also note - new townhomes at 18th and Carr (Loretta Hall)

and redevelopment of Blair School

St. Louis Volunteer Lawyers and Accountants for the Arts is promoting a survey, in cooperation with the developers of the Arcade, seeking opinions from people interested in living in "a creative community".

http://place.stlouis.sgizmo.com/s3

Interesting article in Atlantic Cities on how their Arcade Building is being converted into micro-apartments.

One of America's Oldest Shopping Malls Converts to Micro-Apartments

Artists were surveyed about the building:

http://www.bizjournals.com/stlouis/prin ... d-for.html

Arcade sale is final. BAM!!!

http://www.bizjournals.com/stlouis/blog ... ml?ana=twt

With this, Roberts Tower, and Chemical all becoming occupied, plus the streetcar, OPO will become one of the busiest parts of downtown!

Great news for downtown! SLU Law plus these three projects is a real game changer. Did they increase the number of market rate apartments? They're saying it will be 1/3 market rate (ie 85 of 254). Whatever it is, it's great for DT.

Does Dominium have any Target connections in Minneapolis?!

^ My thoughts exactly. Mayor Slay recently tweeted this: A major new retailer on the horizon for the city? Maybe. #notanikeaannouncement #fgs

I can't wait for December!

This is great news!

That reminds me... I took a tour of the Arcade last winter and I still haven't posted up the pics.

Gateway City wrote:With this, Roberts Tower, and Chemical all becoming occupied, plus the streetcar, OPO will become one of the busiest parts of downtown!

First the Chemical Building and now The Arcade? Someone pinch me if this isn't true!

I'm still in mourning over Macy's, but I've got to admit that this news softens the blow a lot. Perhaps these developments will attract retailers that actually give a @#!t, which was Macy's #1 downfall in downtown in my opinion.

What I really hope for now is rapid absorption of the units in these two developments. With that, perhaps the inclusion of at least some residences on the uppermost floors of the Railway Exchange as well as some new residential construction (Ballpark Village) might be stronger possibilities in the next few years. And this will also solidify the potential to attract retailers to Olive Street, even as downtown's most prominent anchor says goodbye in the next few weeks.

And I'm really anxious to see what becomes of the arcade within The Arcade. I vaguely remember being there as a child, and I also took a hard hat tour of the space a few years ago. There is so much potential within that one building that I am confident that the end result is going to be amazing.

And the "institutional tenant" will take up most of the 1st floor according to the article. I'm curious what it will be. I had envisioned several small independent shops filling the arcade space. Small shops like a flower shop, fruit and veggie stalls, shoe repair shop, independent artist shops, news/magazine/cigarette stand, coffee shop, etc.

roger wyoming II wrote:It will be interesting to see that "institutional tenant" is lined up for the "arcade" space. Must be a big one. Paul needs to spill beans and we'll keep it just here.
http://stlouis.cbslocal.com/2013/06/13/ ... make-over/

STLToday speculating that it's Webster U.