Tower Grove Community Development Corporation Real Estate Development Update

For over 40 years, Tower Grove Community Development Corporation has facilitated development or developed properties to improve neighborhoods, eliminated nuisance/problem properties and provided quality housing. We’ve been busy starting new projects and evaluating/applying for more.

Below is a community update to highlight our current projects.

3629 Hydraulic Ave.

This is a 2 family rental renovation. 3629 Hydraulic was a long vacant property with an out of state owner. TGCDC purchased the property last year and demo, masonry, roof, and the clean out is complete. Sewer and water will be installed in two weeks. Framing has started with mechanicals to follow. March 2023 is the goal for completion. Thanks to RISE CDFI (https://risecdfi.org) for providing the financing. Thanks to TIAA Bank (https://www.tiaabank.com/) for supporting the renovation. And thanks to Alderwoman Green for her support.

3804 -06 Gravois Ave.

This is a 4 family rental conversion from a functionally obsolete 2 family. It was a long term problem property. TGCDC bought it from the previous owner, rethought the layouts and has started reconfiguring the property back into 4 one bedroom units. TGCDC will make sure the property is properly managed and visually pleasing from the exterior as a front facing Gravois Avenue asset! Thanks to RISE CDFI for providing the financing. Thanks to US Bank (https://www.usbank.com) for supporting the renovation.

3727 Chippewa Ave.

Years of neglect have taken it’s toll. TGCDC is working with Legal Services of Eastern Mo (https://lsem.org/), Alderwoman Green and the building division to demolish the long vacant problem property. The property had three heirs in multiple states who have no interest in dealing with the issues. Thanks again to LSEM for unraveling the problems and helping find a solution. The plans for the lot will be determined at a later date. One option will be to develop a new affordable single family home on the site.

4063 Potomac Ave.

This is a single family, for sale renovation project and the property has been vacant for over 10 years. TGCDC received the title after a lawsuit in partnership with Legal Services of Eastern MO. Demo, roof, sewer, water, clean up, and framing is complete. Mechanicals start 9/23/22. March 2023 is the completion date. Without TGCDC and LSEM, this property would have remained vacant and untouched due to the complicated title/mortgage issues. Thanks ot RISE CDFI for providing the financing. Thanks to PNC Bank for supporting the renovation.

4600 S Grand Ave.

TGCDC is working as a project manager to assit St. Joseph Housing Initiative (https://www.stjosephhousing.org/) to deliver a renovated affordable for sale home. The project is 80% complete and will be done in the coming weeks. This is the 8th project TGCDC has assisted with over the last 24 months and we’re proud to help another not for profit meet their mission goals. This property was also the result of a lawsuit by Legal Services of Eastern MO and with support from Dutchtown South Community Corporation (https://www.dutchtownsouth.org/)

3623 Hydraulic Ave.

This is a 2 family rental renovation. The roof has been hanging off the front facade for over a year. It is overrun by drug users and has been broken into dozens of times. With help from LSEM, TGCDC has secured possession and has completed the roof, masonry and some carpentry work. We will raise more funds to help leverage a loan for the full renovation. We thank PNC Bank (https://www.pnc.com/), US Bank, Midwest Bank Centre (https://www.midwestbankcentre.com/), St. Louis Community Bank (https://www.stlouiscommunity.com/) for initial sponsorships to help us with the effort.

Here are some projects in the works!

4910 Gravois Ave. Crossroads Senior Living

This is a planned 64 Unit Senior Housing Development. It’s our 5th year applying for a LIHTC award to bring an 18M investment to the Bevo Mill neighborhood. The project will have 52 one bedrooms and 12 two bedroom units. The project will include market rate units. Rents will range from $725 to $950 per month for a one bedroom and $880 to $1200 for a two bedroom unit. TGCDC is partnering with Luthern Senior Services on the project. We have already secured 5.1M from a HUD 202 program and $500,000 awarded from the City of St. Louis (Home/Community Development Block Grant). The LIHTC application will be submiited by 9/23/2022. Thanks to Midwest Bank Centre for the land donation. And to Alderwoman Howard, Alderwoman Schweitzer, the Better Bevo Now neighborhood association, Bevo CID, Newport Heights neighborhood asscoiation for your ongoing support.

4298 Chippewa Ave/3822-24 Morgan Ford Rd.

The plan is for 16-24 one bedroom units of affordable/market rate housing. This is one of our most exciting projects to date. We are working to develop the highly visible corner of Morgan Ford Rd. and Chippewa Ave. into a modern housing development called The Ridge. Design Alliance has assembled the site plan, layouts and renderings. We are soliciting construction bids and looking at different ways to finance the project. A final decision will be made on the financial feasibility in the coming months. Based on anticipated construction pricing, some subsidy including tax exemption will be needed. More details will follow.

3506 Morgan Ford Rd.

This site is proposed to be an 11 unit affordable/market rate housing development. The image attached is a test fit-conceptual drawing to show how the site may be developed in the future. TGCDC has an option on the property from LRA (Land Reutilization Authority) and we are waiting for the final tests from the previous site remediation to confirm what we can build on this former gas station site. Once the clean up is confirmed and no further action letter provided, we will continue our efforts to develop the long vacant site. Thanks to LRA (Land Reutilization Authority) and the City of St. Louis for working with us to bring a new development to the area.

As you can see from the above proposed redevelopment projects, TGCDC is keenly aware of the opportunity to connect a thriving Morgan Ford Road in Tower Grove South to the Bevo Mill neighborhood. Morgan Ford Road links Bevo Mill to Tower Grove Park, only a mile away. In all, the three projects could total 23M in housing development activity.

TGCDC is also committed to starting more work on the South Grand cooridor from Utah St. to Chippewa Ave. and further south in partnership with other stakeholders. Please see our business plan for more details.

5 year Business Plan