City Apartments to Get $21M Refresh
Date Posted: January 14, 2025
Posted In: News, Projects,
From St. Louis Business Journal: A 65-unit multifamily property that serves low-income individuals is slated to be renovated in a $21.2 million project.
The project includes acquiring and renovating the Hickory Townhomes, made up of 14 apartment buildings on 2.6 acres at 2622 Hickory St. in the city’s Gate District. Construction is expected to begin early this year.
The project’s developer is Hickory Developer LLC. The development team includes the same firms – St. Louis-based Select Development and Skyline LLC of Germantown, Maryland – that are completing a nearby project that involves acquiring and renovating the Lafayette Senior and Lafayette Family Apartments in the Gate District. Both Select Development and Skyline LLC focus on affordable housing developments.
The Hickory Townhomes project received preliminary approval last week from the city of St. Louis’ Industrial Development Authority to receive multifamily housing revenue bonds totaling up to $15 million. The developer also has applied for tax abatement, per city documents. The bonds will be privately placed with real estate lender Ready Capital and Clayton-based Midwest Regional Bank, per city documents. Financing for the renovation includes federal low-income housing tax credits.