Senior Apartments Planned at Gravois & Delor in Bevo
Date Posted: July 2, 2019
Posted In: Projects,
From CityScene STL: The current site of Midwest BankCentre at Gravois and Delor will look very different fairly soon as Tower Grove Neighborhoods Community Development Corporation (Tower Grove Neighborhoods CDC for short) moves forward with a proposal to build 50 senior apartments and commercial space on the site.
“Over the last 2 years we’ve met with and updated neighborhood groups and the aldermen about our plans to build a 50 unit (44 one bedrooms and 6 two bedrooms) market rate senior housing project using LIHTC (Low Income Housing Tax Credits) and other subsidies.” Says Sean Spencer, executive director of Tower Grove Neighborhoods CDC, “The plan was supported by both neighborhood associations and Alderwoman Howard. The investment will be around $10 Million.”
To make way for the new building, dubbed “Crossroads Senior Living at Bevo Mill”, the current 3-story Bank building will be demolished. In it’s place will rise a 50,000SF, 4-story building with close to 3750SF of retail/commercial space. Over 3150SF of the space will occupied by a new Midwest Bank Centre while the remaining 600SF will be commercial office space for a different tenant to use. The bank will be located on the Morgan Ford elevation while the commercial space will be located on the Gravois elevation. Making up the remainder of the ground level space will be offices for Crossroads Senior Living and 4 apartment units.
In a statement, Sean Spencer said, “Midwest BankCentre is donating the site (in full or in part) to help us reduce our project costs. They want to stay in the neighborhood and want to see a new use that benefits the community.” As for funding for the $10 Million+ project, Sean says, “While our first (LIHTC) application was not approved in 2018, we’ve worked hard to prepare not only a more attractive financing package but also an improved overall design that meets the expectations of the stakeholders. We also have $500,000 secured from CDA CDBG funding.” The remainder of construction costs will be covered by other available subsides on the city, state and federal level, as they are available, and Tower Grove Neighborhoods CDC themselves. TGNCDC has $50,000 invested in the project to date.