2006 Significant Accomplishments
State Street Apartments: Completed construction on State Street Apartments, a 14-unit Low Income Housing Tax Credit Project. This development is a continuation of DeSales’ affordable housing development program which since 1994 has produced 95 LIHTC units, rehabilitated 30 buildings and generated over $13 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 2006, DeSales commenced construction of the four remaining units in the project, four townhouses. In 2005, on the same block DeSales completed construction of two single family homes and sold an existing home built c. 1870 to Millennium Restoration and Development, who completed a complete rehab.
Fox Grove Management, LLC: DeSales continues to manage its multi family portfolio through 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. In addition to managing DeSales’ 217 apartments and commercial spaces, FGM 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 2006, DeSales continued to administer redevelopment activity in the Botanical Heights neighborhood, formerly known as McRee Town. DeSales’ initial charge was completing the assemblage and conveyance of land to McBride & Son Homes. In 2006, DeSales also was heavily involved in planning for the area west of the new home development. This planning calls for a more multi-faceted approach that will include rehab and new construction, single and multi-family units, as well as commercial.
Hired Program Assistant: In mid 2006, DeSales hired Sheila Clayton to assist with its efforts in the Botanical Heights neighborhood. Sheila’s tasks include general office administration, billing and A/P, program administration, monitoring of real estate transactions, and maintenance of files.
Bank of America Grant: DeSales was one of just two local recipients of Bank of America’s Neighborhood Builders Grant. This prestigious award provides a $200,000 operating grant over two years as well as leadership training.
Hired Construction Superintendent: DeSales hired Justin Stein to carry out single family rehab projects undertaken by the corporation or its affiliated companies.
2625 Iowa: Commenced rehabilitation of this single family home on the 2600 block of Iowa Avenue. The starting price for this 3 bedroom home is $189,000 and includes features such as zoned heating and cooling, first floor laundry and hardwood floors.
2805 Shenandoah: Sold this vacant building to Richard and Robert Trepanier, d/b/a 920 Development. They have since commenced a complete rehabilitation of the property.
3407 Utah: Sold this building to Tony Chao and Mark Lemmon, who will be converting this multifamily building to three fee simple townhomes.