A $30.5M building permit was issued for Green Street’s Terra at the Grove located in the Forest Park Southeast neighborhood. Terra is another large apartment building with 307 apartments within four stories and 1,400 square feet of commercial space which will hopefully be a coffee shop or café. This is in addition to Green Street’s Union At The Grove, a six building development under construction on the blocks to the east of Terra. The project will have a suite of amenities – large courtyard, pool, fitness center, walking paths, dog park, business center, etc. The total project cost is $65M.
The apartment breakdown is 36 studios, 247 one bed/one bath (a mix at 662 SF and 708 SF), and 24 two bedroom/two bath. They plan to start move-ins in June of 2022.
Norfolk, Vista, and Swan were blocked at Taylor to vehicular traffic in 1984. The St. Louis Board of Alderman unanimously passed BB197 in January to reopen Norfolk and Vista! #Healthegrid
The Board of Aldermen unanimously passed BB183 which gave a 75% property tax abatement for 10 years with an estimated present value of $3.3M.
There are 381 structured parking spaces which makes for a ratio of 1.24 to 1 spaces per dwelling unit, above the city’s mandate of 1 to 1. Thankfully here the parking isn’t completely covered by tax incentives, assuming a $20k per space construction cost. Of course if there were fewer spots perhaps there could have been a smaller or no abatement. #Parkingsmartstl
The momentum in FPSE and surrounding neighborhoods continues.