ST. LOUIS聽鈥 Green Street Real Estate Ventures has started construction on two new apartment developments, one of which will offer rent that is below the market rate.聽
The $40 million Union at the Grove will have 168 apartments across six buildings on Hunt, Vista and Norfolk avenues, between Newstead and Taylor avenues, just east of Kingshighway in the Forest Park Southeast neighborhood. About half of the Union apartments will have "attainable rents," meaning rent that is below the market average but above the threshold for low-income housing. It's also known as workforce housing. The properties are within walking distance from Forest Park, Tower Grove Park, Cortex and the Washington University medical campus.聽
Green Street said it is putting funds from a 10-year tax abatement it received into the newly formed Newstead West Community Improvement District. Those funds will be used to do $3 million worth of infrastructure improvements, like street resurfacing and new sidewalks, in the neighborhood. The project, with funding from Colliers International, is expected to open next spring, according to a release.聽
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鈥淭his catalytic project is a model on how to deliver quality equitable housing while still responding to the private market in the 最新杏吧原创 region,鈥 said Abdul Abdullah, executive director of neighborhood group Park Central Development. 鈥淭he project will allow a vast range of individuals for varying incomes to call Forest Park Southeast home, which keeps with our mission to create urban, vibrant equitable neighborhoods.鈥
Green Street also began construction on Terra at the Grove, a 307-unit apartment project at 4500 Swan Avenue. The $72 million development will feature amenities like walking and running paths, a business center, club and movie rooms and more, according to a release.聽
George Smith Partners helped Green Street attain funding for the Terra project from CIT and Saperean Capital.
Green Street Building Group is the builder on both projects. JEMA designed Union, and Rosemann & Associates and Arcturis designed Terra.聽
