After decades of blight, the southwest corner of Morgan Ford and Arsenal across from Tower Grove Park in the Tower Grove South neighborhood is becoming four townhomes. The demolition of the low-productivity auto-oriented land use commenced today. A developer based in south St. Louis County acquired the property last year.
An $800k building permit was issued last month for the project. There is no tax abatement. I’d wager these will cost >$500k.
The current assessed value per acre is $100k. If the assessor appraises the new townhomes at just $300k each, that equates to an assessed value per acre of $620k.
A commercial space on the corner would have been nice, but nevertheless it’s a great day for our city when car blight is replaced with something more productive!
Photo by Patti Magee
