Developer Greg Daney via Real Estate Investor Wholesale, LLC. in Maryland Heights proposes a 5-story 60-unit apartment building at the corner of Waterman and Clara in the DeBaliviere Place neighborhood. Mr. Daney is also president of LoanSum, LLC and a partner at Enterprise Growth Partners, LLC. Building height will be just under 54 feet. The apartment configuration breakdown is 22 studios and 38 one bedrooms. The rents would be market rate, $1,000-1,500 per month. Amenities will include a fitness center, mail room, café, and bicycle storage space. The architect is Zwick and Gandt Architecture.
There will be two levels of underground parking totaling 48 spaces accessed from Waterman via a curb cut. That’s a parking ratio of 0.8, which is below the statutory mandate of 1 per unit, so a variance will be required. Due to the city’s mandate this provides for those concerned a leverage mechanism to object. #Parkingsmartstl
There will be a bike rack for six bicycles. They will also need variances for set back and density. It has one unit more than permitted by zoning.
No tax incentives have been sought yet. A tax abatement would be on par for the area, and expected here what with the expensive underground parking which typically is supported by tax incentives since drivers are unwilling to pay for their entire cost. There will be no extra charge for a parking space so renters who don’t have a car will be subsidizing those with one.
Census data show that the car ownership rates in the neighborhood are below 100%, so not as much parking is thneeded. The site’s proximity to the Forest Park DeBaliviere Metrolink station qualifies as being within a TOD 1/4 shed.
The number of vacant/low-productivity parcels is dwindling in the area with Tribeca, Chelsea, Hudson, and Expo at Forest Park going up. This building would be one less missing tooth.
