Compton Hill 2002
The year 2003 saw completion of DeSales’ fourth affordable housing development, Compton Hill 2002. The project rehabilitated 16 units in 6 buildings, generating $2.6 million of investment in Tower Grove East and Fox Park.
All but one of the buildings in Compton Hill 2002 were vacant and had had troubled histories under absentee ownership. Three were fire-damaged. In the course of the project, four buildings received full, “gut” rehabilitations including all new systems, windows and interiors. The exteriors of all the buildings were fully restored.
Thanks to an award in 2002 of Low Income Housing Tax Credits from the Missouri Housing Development Commission (MHDC), DeSales was able to finance the substantial cost of rehabilitation.
A particularly extensive exterior restoration was done on a four-family at 2642-44 Armand in Fox Park. The large, three-story building received a new slate mansard roof with copper detailing, front masonry repair and cleaning, and new doors and windows. This was one of three buildings in Compton Hill 2002 that were funded in part with federal and Missouri Historic Rehabilitation Tax Credits.
St. Louis Equity Fund, Inc. is DeSales’ limited partner investor in the Compton Hill 2002 project. National City Bank provided construction and permanent financing. E. M. Harris Construction Co. was the general contractor and Heine & Croghan Architects provided architectural services.
As the general managing partner of the limited partnership, DeSales was responsible for all aspects of the project, from property acquisition to marketing. DeSales also handles ongoing property management through its affiliated company, Fox Grove Management.