That's great news! To whom?
It's owned by the LCRA.symphonicpoet wrote: ↑3:54 AM - Aug 25That's great news! To whom?
They are tearing down the gym and some other auxiliary one story buildings
^I can't imagine the last fire did the gym any favors, and that's probably the least important part of the sight. It was a later addition anyway, right?
They are also doing other work including stabilizing the roof (not full repair or replacement, but closing off to weather), removing debris from the interior, and higher level of board-up/security at potential entry points.
https://www.stltoday.com/news/local/metro/article_b64fd6f9-6adb-4ede-81e0-c6681663d6c3.html
Memphis-based Development Services Group wants to redevelop Cleveland High School into 106 senior apartments, 95 of which would be affordable units.
They are seeking $5 million in low-income housing tax credits from the state and federal government.
Sent from my SM-S936U using Tapatalk
Memphis-based Development Services Group wants to redevelop Cleveland High School into 106 senior apartments, 95 of which would be affordable units.
They are seeking $5 million in low-income housing tax credits from the state and federal government.
Sent from my SM-S936U using Tapatalk
Best development news today imoGoHarvOrGoHome wrote: ↑3:48 PM - 6 days agoWell that's the best news I've heard all day - best of luck to them
I'll believe it when I see it, but this looks positive. This developer (DSG) completed the Butler Brothers in DTW, and this seems positive as well:StlAlex wrote: ↑3:13 PM - 6 days agohttps://www.stltoday.com/news/local/metro/article_b64fd6f9-6adb-4ede-81e0-c6681663d6c3.html
Memphis-based Development Services Group wants to redevelop Cleveland High School into 106 senior apartments, 95 of which would be affordable units.
They are seeking $5 million in low-income housing tax credits from the state and federal government.
Sent from my SM-S936U using Tapatalk
DSG is stacking its development team with local firms. EverTrue, formerly known as Lutheran Senior Services, is a partner on the project. Rise Community Development is serving as consultant, according to the city's Community Development Administration, which facilitates federal, state and local grants to city recipients.
^The stabilization and board up are pretty visible and it's good to see activity on the site. That alone doesn't guarantee much, but I'm at least hopeful.
Looks like it's all dependent on the State award of low income housing tax credits in it's competitive application process. Historic tax credits should be a no brainer. From the MHDC website, here are the other properties that have applied for the same 4% LIHTC this year in the St. Louis region.
The LIHTC dollars requested in the St. Louis region do not seem like a significant amount of money. What is the overall pool of LIHTC dollars that these awards are made from? I would have expected to see significantly more dollars requested. STL hasten off historic redevelopment projects that generate more in historic tax credits than the total LIHTC dollars being requested above.
Keep in mind the amount requested/awarded are annual for a 10-year period. So, multiply all those amounts by 10. The newspaper article didn't make that clear. So, based on those numbers, Cleveland is requesting at total of $50M in tax credits. Credit pricing between state and federal credits are about 0.70 on the dollar, give or take, so that would be about $35M.
Historic Tax Credits payout better, closer to 0.90 on the dollar.
Historic Tax Credits payout better, closer to 0.90 on the dollar.
I know the school conversion in TGE just exited its LIHTC status. And following that, new housing is being built finally on the old school parking lot. I think it's a formula worth repeating.