2002 Significant Accomplishments
DeSales MHA 2000: Completed rehabilitation of this 31-unit Low Income Housing Tax Credit (LIHTC) development. This project rehabilitated 11 previously vacant buildings, generating $4.4 million dollars of investment in Tower Grove East and Fox Park.
American Eagle Credit Union: Leased a commercial property at Russell Blvd. and Jefferson Ave. to American Eagle Credit Union, a division of Anheuser-Busch Employees’ Credit Union. DeSales had purchased the property, a vacant fast food restaurant, in 2001. After completing an outstanding adaptive reuse, American Eagle opened its doors in July as the only full service financial institution in the 63104 zip code. DeSales secured financial support for the project from the Missouri Department of Economic Development and the City of St. Louis.
Sustainable Neighborhoods Initiative: Oversaw completion of the Sustainable Neighborhoods Initiative plan for the area encompassing Fox Park, McKinley Heights, Benton Park West and Gravois Park. DeSales is providing technical support for implementation of the housing and physical development components of the plan in Fox Park.
Compton Hill 2002: Closed on $2.7 million in project financing and began rehabilitation of this 16-unit, mixed income rental development. Scheduled for completion in mid-2003, the project will rehabilitate 6 buildings in Fox Park and Tower Grove East. Compton Hill 2002 utilizes both state and federal Historic Rehabilitation Tax Credits and Low Income Housing Tax Credits.
Tower Grove East Targeted Investment Plan: In collaboration with Neighborhood Housing Services of St. Louis and the Tower Grove East Neighborhood Association, began implementation of a strategic plan for a 10-block area south of Arsenal; secured $106,000 in Neighborhood Assistance Program (NAP) tax credits for this project from the Missouri Department of Economic Development.
2305 S. Compton Parking Lot: Completed development of a 10-space parking lot adjacent to one of DeSales’ Compton Hill Apartments buildings at the corner of Compton and Shenandoah. The lot will be available to prospective tenants of commercial space on the first floor of the building.
2919 Michigan: Sold this vacant two-family to Millennium Restoration, which commenced rehabilitation and conversion to a market-rate, single-family residence for resale.
3009 Sidney: Sold this vacant four-family to developers Ray Ford and Gerald Anderson, who will undertake a substantial rehab and conversion to two market-rate, fee-simple townhouses for resale.
Property Acquisition: Acquired 9 residential properties in Fox Park and Tower Grove East for future development by DeSales Community Housing Corp. or others.