Kingsway just listed their first Fountain Park rehab
https://www.redfin.com/MO/St-Louis/4845 ... ive_dialog
Sent from my iPhone using Tapatalk
https://www.redfin.com/MO/St-Louis/4845 ... ive_dialog
Sent from my iPhone using Tapatalk
Awesome, honestly the rehabs of the homes in Fountain Park are what I'm excited for.
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Awesome. Except for that backsplash. Looks like it lost its neighbor at some point after the Google StreetView picture was taken.
"Unless someone like you cares a whole awful lot, nothing is going to get better. It's not."
--Dr. Seuss, The Lorax
--Dr. Seuss, The Lorax
Can I get a few dollars off for having to replace the kitchen backsplash?
I joke. Congrats to them!
I joke. Congrats to them!
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Any news on the curved building to the east Or has it sufficiently been neglected and demod?
Issuedquincunx wrote: ↑Dec 10, 2021$3M building permit application submitted to renovate 4731 Delmar
Nice
https://www.modot.org/governors-transpo ... re-program
Kingsway Development Corp Delmar Streetscape Improvements $3,281,550
A Marriott hotel at the northeast corner of Delmar and Kingshighway and an apartment building at Delmar and Taylor are envisioned.
NextSTL - Kingsway Development envisions hotel and more on Delmar and in Fountain Park
https://nextstl.com/2023/05/kingsway-de ... tain-park/
NextSTL - Kingsway Development envisions hotel and more on Delmar and in Fountain Park
https://nextstl.com/2023/05/kingsway-de ... tain-park/
BB52 would create a CID for the Kingsway Elevation District. The CID could levy a 1% sales tax. Budget shows over half for security. Very little on parking.
https://www.stlouis-mo.gov/government/c ... BBId=16516
https://www.stlouis-mo.gov/government/c ... BBId=16516
Eh, a CID for essentially a single developer's projects seems like a bad idea.
Good to know but I still think its wrong. Those are bad too. Like a private tax system these chains and developers get to siphon off for themselves.quincunx wrote: ↑Jun 22, 2024There are many of them, Expo, Edwin, Starbucks on S Grand, etc
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^Whole lot of reasons why this big and very important development is so far behind. I've always been a fan of Comptroller Green and her prudent, fiscally conservative approach to capital allocations. Same time, I hate seeing progress stymied.
I'll do what I can to help y'all. But, the game's out there, and it's play or get played. That simple. - Omar Little
Not facilitating development in north St. Louis is a bad look. Especially in the context of the fierce criticism about the use of incentives in the central corridor with the claim that it came at the opportunity cost of them being used in north STL.
If you read up on the issue here, she is being criticized for being consistent rather than showing favoritism. I don't blame her for sticking to her guns and honestly it is easy to imagine St. Louis being in a much worse financial position with a garbage credit rating had there been a different Comptroller for the past 30 years.quincunx wrote: ↑Jul 17, 2024Not facilitating development in north St. Louis is a bad look. Especially in the context of the fierce criticism about the use of incentives in the central corridor with the claim that it came at the opportunity cost of them being used in north STL.
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^ Right; the city does not directly back TIF bonds. I don't know if there have been any exceptions to this rule in the past, but I'm pretty sure the TIF Commission, Board of Aldermen, etc. did not believe there would be direct backing when it advanced/passed the Kingsway TIF legislation. Would the TIF legislation have been approved if direct backing of the bonds with city funds on the line was part of it? Probably not.
The city had to make good the TIF for Stl Marketplace which the article talks about.
Does a blanket policy of no city-backed TIF bonds make sense given the dramatic difference in market conditions across the city? We have a location specific policy of what the max tax abatement can be for residential developments under $1M. The southern half of Fountain Park qualifies for the max. CDA uses a map to help with scoring that takes into account location specific conditions. Fountain Park scores an 8 out of max 10.
It's a risky, no doubt. That's why big monied developers aren't doing it. There's $6.8M in TIF bonds. How much could we possibly lose? The state is kicking in $3.2M for Delmar streetscape improvements of which it will get nothing back directly. There are also $1.25M in state historic and brownfield tax credits. We complain how little the state supports the city. Here they are. The rest of the streetscape improvements cost $3.8M according to Bryant's $7M total number.
So how much might we lose here? $6.8M but we get $3.8M in street improvements. There will be some property and sales taxes. Does the $750K load go bad if this doesn't move forward?
It'd be great if STL Inc or some such stepped in to back the bonds instead of the city, but it doesn't sound like a big $ risk to me. Better than some big box, auto-oriented retail development that stupidly wasted money moving railroad tracks.
Does a blanket policy of no city-backed TIF bonds make sense given the dramatic difference in market conditions across the city? We have a location specific policy of what the max tax abatement can be for residential developments under $1M. The southern half of Fountain Park qualifies for the max. CDA uses a map to help with scoring that takes into account location specific conditions. Fountain Park scores an 8 out of max 10.
It's a risky, no doubt. That's why big monied developers aren't doing it. There's $6.8M in TIF bonds. How much could we possibly lose? The state is kicking in $3.2M for Delmar streetscape improvements of which it will get nothing back directly. There are also $1.25M in state historic and brownfield tax credits. We complain how little the state supports the city. Here they are. The rest of the streetscape improvements cost $3.8M according to Bryant's $7M total number.
So how much might we lose here? $6.8M but we get $3.8M in street improvements. There will be some property and sales taxes. Does the $750K load go bad if this doesn't move forward?
It'd be great if STL Inc or some such stepped in to back the bonds instead of the city, but it doesn't sound like a big $ risk to me. Better than some big box, auto-oriented retail development that stupidly wasted money moving railroad tracks.
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^ There may be times when exceptions to what is a very good rule are appropriate, and perhaps the Kingsway project would be such a case, but such asks should be part of the normal legislative process and subject to public hearings.
(And thanks for the note about the STL Marketplace TIF; I only read the linked article which did not mention that.)
(And thanks for the note about the STL Marketplace TIF; I only read the linked article which did not mention that.)
I'm surprised whether it is city-backed or not isn't a part of the board bill for the TIF, or something the Board of E&A approves or both required. The Comptroller being able to obligate the city to the bonds by themselves doesn't sound good.
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