14 townhouses planned on Lafayette Avenue
Jim Merkel
Of the Suburban Journals
South City Journal
01/11/2006
A developer is spending $3.5 million on a project to create 14 units of high-end housing on Lafayette Avenue just west of Jefferson Avenue in the Gate District Neighborhood.
Robert Kraiberg is converting six residential buildings, formerly used as rental housing, in the 2600 block of Lafayette into six luxury attached townhouses. A short distance to the west on the same block, the developer is building eight attached townhouses.
The St. Louis Planning Commission last week voted to recommend that the Board of Aldermen grant 10-year tax abatements for the properties.
The city Planning & Urban Design Agency staff recommended approval of a blighting study and redevelopment plan including the designation. In making its recommendation, the commission ruled that the study and plan conform with the city's strategic land use plan.
The designation has the support of Alderman Lewis Reed, D-6th Ward, who represents the area.
Reed said tax abatement is appropriate because the total renovation costs are high, while the property is in a tough market to sell. That should expedite the sale of the property in a high-traffic area, he said.
"The total renovation cost is pretty exorbitant on that property," Reed said.
In tax abatement, the assessment is held at the pre-development level.
Reed said the townhouses Kraiberg and his wife are building are some of the best he's seen. "It's really, really turning out great," he said.
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Jim Merkel
Of the Suburban Journals
South City Journal
01/11/2006
A developer is spending $3.5 million on a project to create 14 units of high-end housing on Lafayette Avenue just west of Jefferson Avenue in the Gate District Neighborhood.
Robert Kraiberg is converting six residential buildings, formerly used as rental housing, in the 2600 block of Lafayette into six luxury attached townhouses. A short distance to the west on the same block, the developer is building eight attached townhouses.
The St. Louis Planning Commission last week voted to recommend that the Board of Aldermen grant 10-year tax abatements for the properties.
The city Planning & Urban Design Agency staff recommended approval of a blighting study and redevelopment plan including the designation. In making its recommendation, the commission ruled that the study and plan conform with the city's strategic land use plan.
The designation has the support of Alderman Lewis Reed, D-6th Ward, who represents the area.
Reed said tax abatement is appropriate because the total renovation costs are high, while the property is in a tough market to sell. That should expedite the sale of the property in a high-traffic area, he said.
"The total renovation cost is pretty exorbitant on that property," Reed said.
In tax abatement, the assessment is held at the pre-development level.
Reed said the townhouses Kraiberg and his wife are building are some of the best he's seen. "It's really, really turning out great," he said.
Read More
