2004 Significant Accomplishments
State Street Apartments: Secured an award of Low Income Housing Tax Credits from the Missouri Housing Development Commission for DeSales State Street Apartments, a 12-unit rehab project in Fox Park and Tower Grove East. 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: Began construction of a 6-unit new home development on the 2800 block of Russell. Two single- family homes and 4 townhouses will be priced from $269,000 to $299,000. Construction financing is being provided by National City Bank. On the same block DeSales sold an existing home built c. 1870 to Millennium Restoration and Development. Millennium will rehab the home, long used as a rooming house, using Missouri historic rehabilitation tax credits.
Fox Grove Management, LLC: Formed Fox Grove Management, LLC (FGM) to manage the housing corporation’s multi-family real estate portfolio. FGM is dedicated to providing high quality, community-based property management services to maximize the double bottom lines of neighborhood improvement and financial performance.
SBC Excelerator Grant: Received a $5,000 Technology Grant from SBC. The grant will be used to fund telecommunication and software improvements.
2303-07-11 Minnesota: Sold these three buildings to Metropolitan Building and Design, who have since converted the buildings to six luxury condominiums.
3200 Shenandoah: Negotiated and signed a lease with Ausmer Enterprises, LLC to renovate 2,500 square feet of vacant commercial space for Van Goghz Martini Bar.
2809-11-13 Shenandoah: Sold this vacant building to Richard and Robert Trepanier, d/b/a 920 Development. They have commenced a complete rehabilitation of the property and conversion to three town homes for resale.
Property Acquisition: Acquired 2 properties in Fox Park for future development by DeSales or others.