A long-planned apartment project at the Reliance Building in St. Louis' Central West End is expected to move forward this summer, albeit smaller in scale.
The development at 490 North Kingshighway, Flats at Forest Park, now will feature 50 apartments instead of the 144 that developer Pier Property Group first announced in 2022.
Higher interest rates and rising construction and insurance costs hamstrung the project, owner Michael Hamburg said. His company also is scratching plans for a five-story addition and parking garage. A surface lot and the building's ground floor are expected to accommodate 50 parking stalls.
As a result, the city's Land Clearance for Redevelopment Authority is slated to reduce Pier Property Group's incentive package at its meeting Tuesday.
A resolution before the board calls for a repeal of $40 million in bonds and to authorize instead $18 million in bonds. Terms of the tax abatement also could be revised.
Hamburg said the apartments, 40 one-bedroom units and 10 two-bedrooms, are expected to be around 950 square feet and priced lower than other apartments under construction elsewhere in the Central West End.
Construction could start this summer, he said.
"We're excited to be moving forward with this project," Hamburg said.
The development at 490 North Kingshighway, Flats at Forest Park, now will feature 50 apartments instead of the 144 that developer Pier Property Group first announced in 2022.
Higher interest rates and rising construction and insurance costs hamstrung the project, owner Michael Hamburg said. His company also is scratching plans for a five-story addition and parking garage. A surface lot and the building's ground floor are expected to accommodate 50 parking stalls.
As a result, the city's Land Clearance for Redevelopment Authority is slated to reduce Pier Property Group's incentive package at its meeting Tuesday.
A resolution before the board calls for a repeal of $40 million in bonds and to authorize instead $18 million in bonds. Terms of the tax abatement also could be revised.
Hamburg said the apartments, 40 one-bedroom units and 10 two-bedrooms, are expected to be around 950 square feet and priced lower than other apartments under construction elsewhere in the Central West End.
Construction could start this summer, he said.
"We're excited to be moving forward with this project," Hamburg said.
