Mary 'One' Johnson turns out to be One successful developer
By Tavia Evans
Of the Post-Dispatch
02/24/2005
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Developer Mary "One" Johnson is starting on Phase 2 of St. Louis Place Estates.
Developer Mary "One" Johnson bet on a north St. Louis neighborhood that real estate agents and builders told her couldn't carry a market for new home construction.
Johnson, head of Mary "One" Johnson Realty, presold the first eight homes in St. Louis Place Estates before construction began two years ago.
Now, the developer is set to break ground in March on Phase 2 of the subdivision, a $1.3 million development that will add five more homes to 21st Street.
It also puts Johnson closer to her goal for the planned subdivision: 40 new estate-style homes built around St. Louis Place Park. When completed, total development of the subdivision will near $20 million.
Strong demand has driven up home prices in the neighborhood since work started on the subdivision. New homes in Johnson's development will start at $175,000, up from the $145,000 starting price for homes in the first building phase.
"Everyone told us we needed to wait 10 years and come back, but to date it's been one of the most successful developments I've done," said Johnson, who has already presold one of the new homes to be built.
One home in St. Louis Place Estates sold for $228,000 last year. If Johnson's development is any indication, it may point to an emerging market for new home construction on the city's near North Side. Mike Travaglini, president of the St. Louis Association of Realtors, said he doesn't doubt the prices will go higher. "We always ask, how can it get any higher, and it always does," he said.
"New markets are emerging all across the city right now, and there's a big market for housing in the $200,000 price range. We're seeing an explosion in buying activity all over the city and even the inner-ring suburbs like Brentwood, Richmond Heights and Shrewsbury," he said.
The north St. Louis neighborhood also fits a profile for the kind of developments Johnson has become known for - clearing abandoned buildings and vacant lots in blighted neighborhoods to build new homes. In the city's Gate District, for example, Johnson and 6th Ward Alderman Lewis Reed led the effort to clear out abandoned buildings to build homes.
National City Bank is providing the financing for St. Louis Place Estates, along with a mix of preservation tax credits, capital improvement funds and community block grants. "It's a substantial amount of risk to go into these areas and turn them around," said Scott Dallman, vice president of investor relations for the bank. Dall-man, who worked for Allegiant Bank before it merged with National City in August 2004, said the bank has worked with Johnson on developments since 1997.
"Rebuilding in these hard neighborhoods is her niche, and she's a very good salesperson and knows her product," Dallman said.
Johnson, who grew up in the neighborhood near 21st Street and St. Louis Avenue, said she wanted to see the area become a vibrant community again. Johnson and Roz Tolliver, her sister and business partner, designed many of the two-story homes to match others in the neighborhood - brick fronts with four-foot brick wraps on the side, 9-foot ceilings and wood spindle banisters, similar to those in the home the sisters grew up in.
"My mother and father grew up on Biddle Street, and my grandparents lived on Hogan right off of Cass. This was a vibrant area of bakeries and businesses on North Florrisant and all around the area," she said. "We wanted to bring an upscale community back around the park."
Links:
Mary "One" Johnson Realty
Mary 'One' Johnson turns out to be One successful developer
By Tavia Evans
Of the Post-Dispatch
02/24/2005
Developer Mary "One" Johnson is starting on Phase 2 of St. Louis Place Estates.
Developer Mary "One" Johnson bet on a north St. Louis neighborhood that real estate agents and builders told her couldn't carry a market for new home construction.
Johnson, head of Mary "One" Johnson Realty, presold the first eight homes in St. Louis Place Estates before construction began two years ago.
Now, the developer is set to break ground in March on Phase 2 of the subdivision, a $1.3 million development that will add five more homes to 21st Street.
It also puts Johnson closer to her goal for the planned subdivision: 40 new estate-style homes built around St. Louis Place Park. When completed, total development of the subdivision will near $20 million.
Strong demand has driven up home prices in the neighborhood since work started on the subdivision. New homes in Johnson's development will start at $175,000, up from the $145,000 starting price for homes in the first building phase.
"Everyone told us we needed to wait 10 years and come back, but to date it's been one of the most successful developments I've done," said Johnson, who has already presold one of the new homes to be built.
One home in St. Louis Place Estates sold for $228,000 last year. If Johnson's development is any indication, it may point to an emerging market for new home construction on the city's near North Side. Mike Travaglini, president of the St. Louis Association of Realtors, said he doesn't doubt the prices will go higher. "We always ask, how can it get any higher, and it always does," he said.
"New markets are emerging all across the city right now, and there's a big market for housing in the $200,000 price range. We're seeing an explosion in buying activity all over the city and even the inner-ring suburbs like Brentwood, Richmond Heights and Shrewsbury," he said.
The north St. Louis neighborhood also fits a profile for the kind of developments Johnson has become known for - clearing abandoned buildings and vacant lots in blighted neighborhoods to build new homes. In the city's Gate District, for example, Johnson and 6th Ward Alderman Lewis Reed led the effort to clear out abandoned buildings to build homes.
National City Bank is providing the financing for St. Louis Place Estates, along with a mix of preservation tax credits, capital improvement funds and community block grants. "It's a substantial amount of risk to go into these areas and turn them around," said Scott Dallman, vice president of investor relations for the bank. Dall-man, who worked for Allegiant Bank before it merged with National City in August 2004, said the bank has worked with Johnson on developments since 1997.
"Rebuilding in these hard neighborhoods is her niche, and she's a very good salesperson and knows her product," Dallman said.
Johnson, who grew up in the neighborhood near 21st Street and St. Louis Avenue, said she wanted to see the area become a vibrant community again. Johnson and Roz Tolliver, her sister and business partner, designed many of the two-story homes to match others in the neighborhood - brick fronts with four-foot brick wraps on the side, 9-foot ceilings and wood spindle banisters, similar to those in the home the sisters grew up in.
"My mother and father grew up on Biddle Street, and my grandparents lived on Hogan right off of Cass. This was a vibrant area of bakeries and businesses on North Florrisant and all around the area," she said. "We wanted to bring an upscale community back around the park."
Links:
Mary "One" Johnson Realty
Mary 'One' Johnson turns out to be One successful developer
