Park East Apartments

/by

In 2000, the Forest Park Southeast Neighborhood’s Community Plan identified poorly managed and maintained, absentee-owned rental property as one of the most important issues to be addressed by the neighborhood.  Rise acquired 36 such buildings that had been blights on the neighborhood and devised a plan for their redevelopment.  We completed the $7.25 million Park East Apts. Project, 73 affordable rental units in 24 buildings, using low-income housing tax credit equity, historic preservation tax credit equity, and a Missouri Affordable Housing Assistance Program (AHAP) tax credit-eligible charitable contribution.  We rehabbed and converted the remaining 12 buildings to market-rate single-family homes.  Washington University Medical Center provided bridge financing.

Park East Homes

/by

Rise developed Park East Homes, 11 market-rate for-sale homes, using conventional construction financing, a tax credit equity bridge loan and State historic preservation and Neighborhood Preservation tax credit equity.  All homes sold at or above listed sale prices.

C.O.N.E.C.T. St. Louis Apartments

/by

Rise also developed the $14 million C.O.N.E.C.T. St. Louis Project, which included the total historic rehabilitation of North Market Place Apartments—32 historic rehab affordable rental units in Old North St. Louis, and Park East III Apartments—27 historic rehab affordable rental units in the Forest Park Southeast Neighborhood of St. Louis.  The financing for this development included tax-exempt bond financing, low-income housing tax credit equity, historic preservation tax credit equity, State and City HOME funds and City Affordable Housing Commission Trust Fund money.

North Market Place

/by

Rise developed twenty new market-rate single-family homes in the old North St. Louis Neighborhood.  Among the financing sources were Missouri Neighborhood Preservation Tax Credits, CDBG funds, a grant from the Greater St. Louis Regional Empowerment Zone and a Danforth Foundation Grant.