Jesuit Hall at 3601 Lindell at Grand is set to get a makeover. Board bill 217 was filed today by Ald Davis which would blight the property and provide 95% tax abatement for 10 years. We’ll share more as we learn more.
It’s currently tax exempt, owned by The Jesuit Community Corporation At Saint Louis University, indicating a sale of transfer to a for-profit subsidiary in order to obtain historic tax credits as Washington University did for its apartment rehabs in Skinker DeBaliviere, though they did not get tax abatement.
The developer is Neighborhood Properties of Clayton. The plan is to gut rehab the building into 169 apartments and street-level retail with a 132-space parking structure to the west. A second phase of 238 more apartments with 190 parking spaces and street level retail in a new 14 story building next door along Grand that is currently surface parking would follow.
Total project cost is estimated to be $80M with construction costs at $58.4M. Though exempt the current assessment is $5M. By being sold to a for-profit concern that will be taxed. The 10-year 95% tax abetment would apply to an increase above that. The LCRA staff estimate the present value of the abatement at $5.9M. If the 322 structured parking spaces cost a rule-of-thumb $20,000 each that equals $6.44M. Once again we see #ButForParking.