A mixed-use development in St. Louis’s Dogtown neighborhood has netted an additional $20m in financing that will help complete the project.
Pearl Companies, a developer based in Indianapolis, will receive the money thanks to an arrangement brokered by NorthMarq Capital to obtain financing from The Bank of Washington.
The cost of the project was estimated at $25m initially. St. Louis provided $3.8m in financial assistance, derived from tax-increment financing. Tax-increment financing returns a portion of the money raised by taxing the property back to the developer of the project, since improvements of this type generally raise the value of the property and its surroundings.
The new building, located on Clayton Avenue and known as the Hibernia Apartments, will offer 100 apartments, as well as about 16,000 square feet of space for retailers at street level. Fields Foods, a grocery, will anchor the project. Other amenities include underground parking, storage for bicycles, a bocce ball court, and a dog park. The building sits on what was once a lumber yard.
The Hibernia has 89 one-bedroom apartments, which are expected to rent for $1,300 per month, while the two-bedroom apartments, of which there are 11, could go for $1,900 per month.
Hibernia Apartments should be open by the fall of 2018. Project like this can benefit if developers work with a brochure printing company to create a brochure that shows prospective tenants the site’s amenities.
