Forest Park Southeast Update Keeps the Neighborhood Affordable

On Wednesday, March 31, 2021, Rise and its partners Forest Park Southeast Development Corporation closed on the $11.5 Million dollar update of Park East Apartments in the Forest Park Southeast neighborhood. The project will also use state and federal historic tax credits and will result in an average of $40,000 per unit of rehabilitation of the 73 apartments affordable to families making 60% or less of the Area Median Income level. The scope of work includes new mechanical systems, roofs, flooring, new kitchen and bath finishes, paint, and some site work. We believe it is important that affordable housing be indistinguishable in quality, blend into and complement other new development in the area. We also believe stronger markets can support a wider mix of incomes and these intentional efforts to generate socioeconomic diversity. Here is a little bit of history concerning Rise’s previous work in the area: In 2001, Rise partnered with Forest Park Southeast Development Corporation (now under the umbrella of  Park Central Development Corporation), to acquire 36 absentee-owned, poorly managed, and maintained rental properties, all located in a 3×4 block area of the neighborhood north of Manchester. The Rise partnership introduced professional property management and completed the complete historic rehab of 24 of the buildings as 73 affordable apartments (Park East Apartments) in 2003. In a complementary development, the Rise partnership completed the historic rehab and conversion of 11 of the remaining buildings into single-family market-rate homes (Park East Homes) in December 2004. Park East Homes bolstered the homeownership market in the neighborhood and further stabilized the area north of Manchester. The remaining mixed-use building that was acquired was sold to the owner of the business that had been a long-time tenant of the building. All 36 buildings are located within walking distance of the BJC/Washington University Medical Center campus. In 2006, again working with Forest Park Southeast Development Corporation, Rise completed the historic rehabilitation of another 13 buildings with 27 residences in the part of the neighborhood that lies north of Manchester, bringing us to a total to 48 historic rehab buildings in the neighborhood. Our work in Forest Park Southeast proved to be both catalytic and prophetic. In the following years, other developers began developing a wide variety of housing, including larger multi-family projects, mixed-use buildings, custom homes, and historic rehabilitation. St. Louis is a city of neighborhoods and Forest Park Southeast (FPSE) is currently one of its most dynamic. In recent years, FPSE has seen a dramatic rise in commercial and retail development (the area known as “the Grove”) and an improving residential real estate market. FPSE is situated at a nexus of growth in job opportunities not seen in many other parts of the metropolitan area.  This part of St. Louis is now the third-largest job center in the region, behind only Downtown and Clayton, and it is projected to pass Clayton in the next few years. Congratulations to the team at Rise and our partners at Forest Park Southeast Development Corporation!




Replaces Long-Time Leader Stephen Acree

ST. LOUIS, MO (February 16, 2021) – The Board of Directors of Rise Community Development announced today that Terrell Carter, 47, has been chosen as their new Executive Director effective July 1, 2021. Carter, a St. Louis native with extensive and varied experience empowering people and communities, was chosen unanimously. “Terrell is clearly passionate about St. Louis and helping people improve their communities,” says Rise Board Co-Chairperson Mary Campbell. “He will take ownership in Rise’s mission of partnering with communities to build stronger, more equitable neighborhoods.”

Carter has enjoyed a wide-ranging career bringing about positive changes in the St. Louis region’s diverse communities.  He most recently served as Chief Diversity Officer at Greenville University in Greenville, Illinois, where he created and implemented the institution’s first ever diversity and inclusion plan. He has led two local non-profits, successfully serving Northside residents and seniors in the region, and he has experience in construction and residential development project management. Carter began his community-focused career as a St. Louis City police officer, an experience that informed his thought leadership in the authorship of a number of books, including Walking the Blue Line: A Police Officer Turned Community Activist Provides Solutions to the Racial Divide and Healing Racial Divides: Finding Strength in Our Diversity. Carter holds a Doctorate of Ministry from Central Baptist Theological Seminary, focusing his work on organizational leadership.

As executive director, Carter will work closely with staff to build trust and work towards identifying new opportunities that will lay the foundation for the continued success of Rise.  “My calling in life is to serve others by helping them improve their life circumstances,” says Carter. “Rise is the preeminent St. Louis organization that not only improves the lives of individuals but the outlook of our region. It is a privilege to join this organization.”

Carter will succeed Stephen Acree who announced his retirement last year. Acree joined the Regional Housing and Community Development Alliance (RHCDA), later rebranded as Rise, in 1999 and became Executive Director in 2001. Under his leadership, Rise completed $300 million in residential development, with over 1,200 units of affordable housing in St. Louis, was certified as a Community Development Financial Institution (CDFI), and more recently, has taken an active role in neighborhood planning that focuses on racial equity and emphasizes community engagement.

“Leading Rise for such a large share of my career has been an honor and a privilege,” says Acree. “I have been fortunate to work with some amazing people, including a highly talented and dedicated staff, a supportive board of directors, and many strong partners throughout the community. “

There will be a gradual transition over the next few months as Acree works with Carter to ensure a smooth transfer of leadership.

For photos of Carter and Acree, please click here.


About Rise Community Development

Rise Community Development ( is a nonprofit organization that partners with communities to build stronger, more equitable St. Louis-area neighborhoods. As a community lender, Rise develops affordable and market-rate housing, particularly in neighborhoods with the potential to enhance economic diversity. Rise also provides capacity-building and technical assistance to community-based development organizations. Additionally, the organization maintains a variety of data and mapping for areas throughout the region and assists in the collection and creation of data specific to developments and neighborhoods.

Contact: Larry Perlmutter
[email protected]/314-443-8282