This article was in today's south side Journal. Good news for a big building in Shaw.



Redevelopment ahead for Magnolia Avenue apartments

Developer to spend $4.3 million



By Jim Merkel

Tuesday, September 11, 2007 3:29 PM CDT





A continual headache for the city across the street from Tower Grove Park soon may be turned into a condominium complex.



Richard Yackey, who developed the 132-unit Welsh Baby Carriage Factory apartments in the Soulard neighborhood, plans to spend $4.3 million to convert a vacant apartment building at 4101 Magnolia Ave., into 24 condominiums.



Yackey seeks $570,000 in tax increment financing to help finance part of the project. In a TIF, part of the additional local tax revenue from a redeveloped property is used to pay off bonds for part of the improvements.



"I like the layout of the project," Yackey said. He also likes its proximity to Tower Grove Park, which is across the street.



The price of the condominiums will be $125,000 to $180,000, Yackey said. The low price and the location will help to sell them, he hopes. The one- and two-bedroom units would range from 825 to 1,100 square feet.



The building has been the subject of a number of code violations and complaints to the Citizens Service Bureau, which handles complaints to the city. A document provided by the city about the project said that within the past five years the Citizen Service Bureau has received 55 complaints against the project.



Among the health and safety concerns in the complaints are vagrants congregating at the property and inadequate plumbing and sanitation facilities.



The building was condemned in January 2006.



"The people that lived there complained about drug dealing and prostitution," said Alderman Stephen Conway, D-8th Ward, who represents the area.



The building has had several owners, Conway said.



"Our goal was to convert them to condos and provide off-street parking," Conway said. "It would make the neighbors happy."



The developer plans to use a lot to the rear of the building at 2355 Thurman Ave., for parking.



The Magnolia and Thurman project is fairly small compared to the Welsh Baby Carriage apartments and three other condominium projects Yackey is working on in the Central West End.



Those are 45 units at Westgate and Delmar Boulevard in the University City Loop, 120 units at Sarah Street and Forest Park Parkway and the 163-unit Westminster Village on Westminister Place from Sarah to Vandeventer Avenue.



Yackey also is involved in three condominium projects in the Loop and the Central West End.



A display unit should be available soon, but the developer can do presales now, Yackey said.



http://southsidejournal.stltoday.com/ar ... ey.ii1.txt

good to hear. When I lived in the area that corner was always a weak spot.

Our Alderman, Steve Conway, is doing a great job getting one problem property after another cleaned up in Shaw. He recently bought the Ryan's Grocery building (a few months ago), which is now being redeveloped as commerical and a few apts.



The Magnolia/Thurman building is really the "Foyer" to our Neighborhood in Shaw and will make a statement to vistors that we are still continuing to grow and prosper. Off street parking is a huge plus for the project and at those prices, i think it will sell well due to the location across the street from the park. I think they may have to keep the bulding which was used for storage/bathroom by Bistate. It would be a cool recreational room or something. With the tax credits available in Shaw (historic district), homes are still at a great value given the proximity to the Botanical Gardens, Tower Grove Park, access to 40, 44, 55 and of course, the south grand business district. A strong Neighborhood Association, restaurant and dog park will also help the condos sell.



I'm just glad to hear something is happening, it's been sitting with a fence around it for over a year.



Sean

Shaw

"Our Alderman, Steve Conway, is doing a great job getting one problem property after another cleaned up in Shaw. He recently bought the Ryan's Grocery building (a few months ago), which is now being redeveloped as commerical and a few apts."



Now what about the "convenience stores" along Shaw between Tower Grove and Grand? I think and affordable neighborhood grocery needs to remain in the area (along the lines of Soulard's Vincent's Market), but Ryan's and the Shaw stores are a little too ghetto-mart.

SPICE1414 wrote:Our Alderman, Steve Conway, is doing a great job getting one problem property after another cleaned up in Shaw. He recently bought the Ryan's Grocery building (a few months ago), which is now being redeveloped as commerical and a few apts.



The Magnolia/Thurman building is really the "Foyer" to our Neighborhood in Shaw and will make a statement to vistors that we are still continuing to grow and prosper. Off street parking is a huge plus for the project and at those prices, i think it will sell well due to the location across the street from the park. I think they may have to keep the bulding which was used for storage/bathroom by Bistate. It would be a cool recreational room or something. With the tax credits available in Shaw (historic district), homes are still at a great value given the proximity to the Botanical Gardens, Tower Grove Park, access to 40, 44, 55 and of course, the south grand business district. A strong Neighborhood Association, restaurant and dog park will also help the condos sell.



I'm just glad to hear something is happening, it's been sitting with a fence around it for over a year.



Sean

Shaw

I'm glad to hear about this development, and it's also nice to see the alderman taking a proactive approach. I wish other aldermen would follow Conway's lead.

^ Oops...that development at Grand and Halliday is in Conway's ward, right? Ugh. Please pardon my brain fart.

From MayorSlay.com...

Rick Yackey is proposing the $4.3 million renovation of 4101 Magnolia as twenty-four residential condominiums. The property at Magnolia and Thurman is a long-vacant structure that has plagued the Shaw neighborhood and been an eyesore across from Tower Grove Park for a number of years. Alderman Steve Conway and the Community Development Administration have assisted with the development by arranging for the purchase of a former Bi-State bus turnaround property immediately north of the property for use as parking for new residents. Development has been difficult, in part, because the structure occupies the entire parcel with no room for parking. The developer is requesting a $570,000 TIF.

It would be better if the Thurman Loop could be developed with shared parking for both the rehab and new infill, instead of just surface parking for adjacent rehab. Just like the front-yard parking diminshing the rehab on Halliday, a new surface lot will diminsh this rehab.

It would be better if . . .

So, go to the public hearing.



From the rest of the MayorSlay.com item:

Do you think the City needs more office space? More residents? More entertainment venues? Fewer eyesores? Do you hate TIFs – or believe that they are vital economic development tools to ensure the revitalization of troubled properties?



If you have answers to those questions, you can do more than brood – or blog – about them. The City’s Tax Increment Financing Commission has just set public hearings for a range of very interesting projects. If you have strong feelings about any of them, you should plan to attend its hearing and make yourself a part of an important process.

publiceye wrote:Do you hate TIFs?

Only when they're used to build megabigboxcenters in floodplains and atop bluffs so one suburb can rob its neighbor(s) of chain stores and restaurants. When they're actually used for their original intent, I'm quite fond of TIFs.

I kinda like the old bus restroom/whatever building.

So, go to the public hearing.

I attended many hearings in the past, even testifying at times, like the infamous Southtown K-Mart, but in the end, St. Louis keeps settling for low quality if not even urban development patterns.



And I think most would agree you don't have to be a resident to care about a place. Maybe if I wrote checks as big as non-resident McKee's, Hizzoner's Spinster wouldn't be so smug.

^ Whoops. I really did not notice that you were a non-resident. Didn't mean to sting you. Are you away at school?

Any word yet if Yackey plans to preserve the existing building on the loop property?



A quick look at the City's property info shows that a double row of parking yielding about 40 spaces could be built on the west half of the loop propery (entered off the alley), which should be plenty for the size and number of condos planned. This would leave room for two addtional small homes to be built on either side of the existing building facing Thurman, as an earlier comment also suggests.



I'm not that familiar with the existing loop building, I assume it would make a good residential conversion?

The existing building is just a one story brick "cottage" looking structure. It would be good for a rec room/club house, in my mind. Too small for a residential conversion. I think it's about 20' x 20'.



I would love to see a few extra single family new construction homes, in addition to using the existing building, but parking is a premium in the area so if they could get two spaces per unit plus guest, it may help the sales of the condos, which is the ultimate goal.



I think they will have to preserve the building regardless if they do just parking or additional construction, which is a good thing.



Sean

Shaw

UrbanArchStl wrote:Any word yet if Yackey plans to preserve the existing building on the loop property?





I'm not that familiar with the existing loop building, I assume it would make a good residential conversion?

The building is staying.

It's just too darn cute to tear down.

This building has been on hold for some time, but when I ran by this morning I saw some workers parked out in front and it appeared that work might again be resuming. Can anyone confirm?

This project is humming along. From my contacts, a developer with property in Illinois came across the river and is personally financing a good chuck of the construction. The plan is to develop 6+ condos on the West side first then move to the north and east sides. The west side appears close to being completed. The bus turnaround is in the process of being turned over to the developer for parking. The building located on the bus turnaround property will be a "club house". Attached is a the website. This completely cleans up a corner which was considered a problem property for years.



http://magnoliaplace-towergrove.com



As a Shaw resident, this project is on a list of great strides our neighborhood has accomplished in the last several years. We have a neighborhood bar, Thurman Grill. We have a highly rated neighborhood restaurant/bar, Sasha's on Shaw, and a neighborhood bakery, Sweet Art. Lots of rehabs still progressing and high end sales prices of well done, new construction/Rehabs (outside of Flora Place) in the low to mid 300s. Shells can still be had for 50-60 grand. While we still have plenty of eyesores in the area, we are making some progress.



Sean

^

Those prices are very reasonable for brand new condos. Hope they sell well.



It strikes me that Shaw could use a little more retail to build on the success of the businesses you mentioned.