Habitat for Humanity Saint Louis has announced that it will seek to sell its home since 2002 at 3765 Forest Park Avenue. The property totals 1.5 acres with multiple buildings currently housing administrative offices, the ReStore, and a warehouse.
The 2-acre site just to the west at Forest Park Avenue and Vandeventer was listed at $5M. The Mobile gas station is now The Standard apartments (under construction in the image below). The 10-acre Federal Mogul site across Forest Park Avenue from Habitat for Humanity was purchased by The Lawrence Group for $10M. Planned is a $232M mixed-used development. Late last year Cortex purchased a smaller parcel fronting Vandeventer for $3M. Just recently, nextSTL was first to report that Green Street is exploring redevelopment of the nearby Armory.
There is no list price for the property. Newmark Grubb Zimmer will serve as a broker agent with the sale posted July 11 and offers accepted until August 12. While Habitat retains the option to not sell, it is expected that the property will receive multiple offers.
There are no plans to change operating functions, but the sale of the property is seen as an opportunity to leverage the site as a real estate asset in order to support the organization’s core mission. In short, land values have risen sharply in the city’s central corridor, and Habitat may be able to take advantage.
The likely selling price, location and the mix of five buildings could lend itself to a teardown and new construction, though it’s possible that any or all of the buildings could be repurposed.
More about Habitat for Humanity Saint Louis:
Habitat for Humanity Saint Louis (HFHSL) is a not-for-profit, ecumenical housing ministry working in partnership with individuals and communities of all faiths to improve housing conditions and provide safe, decent and affordable housing in St. Louis City and County. With nearly 400 homes already built or rehabbed, HFHSL is one of the leading housing developers in St. Louis. HFHSL regularly ranks among the top Habitat for Humanity affiliates in the country. HFHSL donors, volunteers, and partner families work side-by-side to build or rehab homes ensuring that every deserving family in St. Louis has a decent place to live.
In addition to a down payment and a 30-year affordable mortgage, each HFHSL homebuyer invests 350 sweat-equity volunteer hours into building or rehabbing a home and attending life skills classes. Homeowners are teachers, healthcare providers and returning college students determined to achieve homeownership and create a legacy for their families.
HFHSL’s two ReStores sell new and reusable construction and home remodeling supplies. The mission of the ReStore is to provide additional financial resources to HFHSL; expand opportunities to serve a broader base of the community by providing low-cost materials; and provide good stewardship of sustainable resources within the St. Louis MSA.
*images added 4/28/17
$25M Westin Element hotel planned for Habitat site: