2005 Significant Accomplishments
State Street Apartments: Commenced construction on State Street Apartments. This 14-unit Low Income Housing Tax Credit project received a critical allocation of credits in 2004. Over half of the seven buildings were completed in 2005. Remaining buildings will be completed in early 2006. This development is a continuation of DeSales’ affordable housing development program which since 1994 has produced 79 LIHTC units, rehabilitated 30 buildings and generated over $10.3 million in neighborhood investment.
Russell Place: Russell Place is a 6-unit, single-site, new home development located in the Fox Park neighborhood and the Compton Hill Historic District. In 2005, DeSales sold two single-family homes for approximately $300,000. DeSales plans to commence construction of the four duplex townhouse units in mid 2006. On the same block DeSales sold an existing home built c. 1870 to Millennium Restoration and Development. This building, which was long used as a rooming house, was rehabbed using Missouri historic rehabilitation tax credits. Millennium sold the building for $460,000.
Fox Grove Management, LLC: As of January 1, DeSales assumed management of its real estate portfolio, through a newly created entity, Fox Grove Management, LLC (FGM). FGM is dedicated to providing high quality, community-based property management services to maximize the double bottom lines of neighborhood improvement and financial performance. FGM manages DeSales’ 217 apartments and commercial spaces and also operates DeSales’ Management Assistance Program (MAP). MAP provides management services to individual property owners and is funded by the City of St. Louis’ Community Development Administration. The program manages an average of 50 units.
Garden District Commission: In November, The Garden District Commission (GDC), in collaboration with the Missouri Botanical Garden, retained DeSales to administer redevelopment activity in the McRee Town neighborhood on an interim basis. The organization is charged with completing the assemblage and conveyance of land between Lawrence Ave. and Thurman Ave. to McBride and Son Homes. McBride plans to build approximately 75 new homes in this area. The home builder has already constructed 70 new homes in McRee Town.
RHCDA Grant: Received a three-year $120,000 grant from the Regional Housing and Community Development Alliance (RHCDA) to be used for organizational development and capacity building. This grant is funded through the RHCDA Regional Neighborhood Support Collaborative.