Three New Single-Family Homes Planned for Forest Park Southeast

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At its meeting tonight, the Park Central Development Corporation’s Forest Park Southeast Development Committee will consider supporting 10-year tax abatement for three new single-family homes. The project is by 1 North Developement LLC, the same principals as the 4101 Laclede condo project at Sarah Street and Laclede Avenue in the city’s Central West End.

Project details and images from Park Central Development Corporation:

Site Addresses: 4210 Chouteau, 4330 Gibson, and 4337 Gibson
Company Name: 1 North Development LLC
Company Owner/ Principals: Austin Barzantny and Michael Gingrich
History of Sites: All three parcels once had residential buildings on them but were demolished due to neglect.

Project Description
The developer is going to construct three new for-sale single family residences. Each home will include 3 bedrooms and 2.5
baths with space for parking for 2 vehicles in rear.

Costs
Acquisition: $ 90,000
Pre-development Soft Cost: $ 80,000
Construction Cost: $ 780,000
Total: $ 950,000

Project Timeline
Site Control: January 2017
Construction Start: February 2017
Construction Complete: August 2017

Real Estate Taxes
4210 Chouteau: Current $49.45 / After Completion approximately $3,400
4330 Gibson: Current $152.55 / After Completion approximately $3,400
4337 Gibson: Current: $54.48 / After Completion approximately $3,400

Park Central Recommendation
Support of 10-year tax abatement.

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  • Mark Benton

    I live around that neighborhood, in Forest Park Southwest. I don’t even mind the abatement. It’s a short term one, and it probably won’t be the full 100% for the full 10 years. That being said…maybe it would be nice to see a little bit more green space there? Those houses also look pretty crowded in. Still, Forest Park and Chouteau park are pretty near by, so it might not be appropriate. I hope they keep the rents afordable.

    Just throwing out ideas.

  • John

    Have to agree with the previous post that tax abatement handouts seem to be given away like cheap candy. It’s great to have redevelopment investment on empty lots, but does the ROI for taxpayers ultimately pay off?

    • JAE

      As a builder who previously built in Philadelphia, PA, the abatement was created to incentivize development in city limits. The abatement revitalized that city, now a vibrant and growing city. Philly is now reaping a huge real estate tax income from the 1000’s of homes built in the first round of small scale developments that were completed because of that very incentive. Just have to think long term.

  • Jake Banton