SLDC Awards Tax Credits to Charter Schools, Midtown Redevelopment
Date Posted: July 22, 2019
Posted In: News, Projects,
From St. Louis Post-Dispatch: The St. Louis Development Corp. approved two rounds of federal new markets tax credits Thursday, one for a charter school system and another for a development in Midtown.
Up to $8 million in the federal credits will go to KIPP St. Louis, which runs five charter schools in the city. The system wants to use credits to help finance the acquisition and renovation of a building at 3740 Marine Avenue for a new elementary school, which will be its sixth location. That building formerly housed the St. Louis Language Immersion School, which moved to Pine Street downtown. The project will cost about $7 million.
SLDC also approved allocating $5 million in new markets tax credits to a project rehabbing the historic Nash Building at 3000 Locust Street. Clayton-based student housing developer Collegiate Development Group plans an $8.2 million project to turn the 1920s auto dealership into about 8,100 square feet of office space and 18 apartments. The developer plans to move its staff of about 10 people to the Midtown area and said it could grow that number by 25, according to a report from SLDC.