urbanSTL

Tabernacle Community Development Corp., a community development organization based in St. Louis and founded in 2014, is seeking tax incentives to build two phases of the development, called The Village STL, according to the project website. The phases are on separate sides of the north St. Louis park, touching the O’Fallon, JeffVanderLou and Fairgrounds neighborhoods, according to a rendering on the organization's website.

The project's two phases were approved Tuesday for incentives from the city’s urban renewal board, the Land Clearance for Redevelopment Authority. The first $45.2 million phase will have 63 residential units for sale and 111 residential units for rent, with about 70% of those coming through rehabs, a representative of Tabernacle CDC said at the meeting. The second plan, given a cost of $191 million in city documents, would build 75 residential units for sale and 466 units for rent, for a total of 138 units for sale and 577 units for rent, a spokeswoman for LCRA said. An earlier plan, filed in 2020, would have built 91 homes.
The Tabernacle CDC is the community development arm of The Tabernacle church in north St. Louis, led by Pastor Andre Alexander.
Construction is already underway on part of the project from Tabernacle, the $10 million Hebert Homes project in the 3600 and 3700 blocks of Hebert Street, which already has 27 for-sale homes, 15 new builds and 12 rehabs, underway, Alexander said at the meeting Tuesday. Financing for that project is coming from the city's revolving loan fund and a private family foundation, Alexander said. The eight rental units already under renovation in the area are funded by private family foundations, he said. Tabernacle also said the project has about $20 million in patient capital through an unnamed source, which will finish the first phase and carry over to the second phase.
As approved by the LCRA, Tabernacle CDC is to receive up to 25 years of property tax abatement and be designated as the developer of the two redevelopment areas. The first project is bordered by Natural Bridge Avenue, North Grand Boulevard, St. Louis Avenue and North Vandeventer Avenue. Filings did not say how large the area is, but it consists of 20 entire city blocks, the city said. Tabernacle already owns the sites needed, except for 26 sites owned by the city's land bank, the Land Reutilization Authority, Alexander said.

The second project would span 16 city blocks bordered by Penrose Street, North Grand Boulevard, Kossuth Avenue and Fair Avenue, filings show.
As proposed, Tabernacle CDC would receive 10 years of tax abatement at 95% of the assessed value of the incremental improvements, followed by 15 years at 50% of the assessed value of the  incremental improvements for both projects.

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the JeffVanderLou Scattered Sites Redevelopment Area. It is anticipated that there will be at least three projects developed in the Area. The projects will include the renovation of a commercial building and construction of 34 senior housing units and retail. The commercial building will house a location of the Negro League Baseball Museum. Estimated cost of development is $17.6 million. This Board Bill will allow up to fifteen (15) years of tax abatement (10 years based on 90 percent of the assessed value of the incremental improvements and followed 5 years based on 50 percent of the assessed value of the incremental improvements).

quincunx wrote: ↑

Feb 10, 2024

BB211 - Chapter 99 Redevelopment Plan for the JeffVanderLou Scattered Sites Redevelopment Area

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the JeffVanderLou Scattered Sites Redevelopment Area. It is anticipated that there will be at least three projects developed in the Area. The projects will include the renovation of a commercial building and construction of 34 senior housing units and retail. The commercial building will house a location of the Negro League Baseball Museum. Estimated cost of development is $17.6 million. This Board Bill will allow up to fifteen (15) years of tax abatement (10 years based on 90 percent of the assessed value of the incremental improvements and followed 5 years based on 50 percent of the assessed value of the incremental improvements).

https://www.stlouis-mo.gov/government/c ... BBId=16427

Negro League Baseball Museum JVL Redevel Map.jpg
Negro League Baseball Museum JVL Aerial.jpg
Negro League Baseball Museum 2429 N Spring.jpg