Green Street Real Estate Ventures (Green Street) held dual groundbreaking ceremonies on Thursday, June 17, 2021, for the construction of Terra At The Grove and Union At The Grove located near 4500 Swan Avenue in St. Louis, Mo.
The combined projects include a mix of new market rate and workforce multifamily housing within the Forest Park Southeast neighborhood.
More than 60 attendees attended the ceremonies, with comments from Green Street founder and CEO, Phil Hulse; Green Street Building Group president, Paul Giacoletto; and Green Street director of development and senior vice president, Joel Oliver; Greater St. Louis, Inc. CEO, Jason Hall; Washington University Medical Center Redevelopment Corporation assistant vice chancellor and executive director, Brian Phillips; and Park Central Development executive director, Abdul Abdullah.
“Through real collaboration and regional partnerships, we are able to offer a multitude of diverse housing options within The Grove neighborhood,” said Hulse.
“It is our goal to support and strengthen the communities in which we develop. Terra and Union are incredible examples of what is made possible by working together for the betterment of St. Louis.”
Terra At The Grove will include 307 residential units, as well as street-level retail space and associated parking. Planned amenities include a large courtyard, pool, walking and running paths, business center, club and movie rooms and more.
The four-story structure is the first project in St. Louis to pursue a FitWell Certification. The $72 million project was designed by Rosemann & Associates, P.C., with interiors by Arcturis, and is being developed by Green Street and constructed by Green Street Building Group with a mid-2022 scheduled completion.
Debt and equity were arranged through George Smith Partners with debt provided by CIT and preferred equity through Saperean Capital.
Union At The Grove, comprised of six infill buildings on Hunt, Vista and Norfolk Avenues, between Newstead and Taylor Avenues, just east of Kingshighway, was designed by JEMA and is also being developed by Green Street and constructed by GSGB, with support from a consortium that includes Greater St. Louis, Inc., IFF, and Washington University Medical Center Redevelopment Corp. (a partnership between BJC Healthcare and Washington University School of Medicine in St. Louis. Debt was provided through Colliers International.
The $40 million project is scheduled for completion in Spring 2022.
“By bringing together a wide community partnership to develop housing with attainable rents in a location that helps connect people with jobs and career opportunities, we are showing what transformative, inclusive growth can look like,” said Hall.
Approximately 52 percent of Union’s units will have attainable rents blended throughout each of Union’s six buildings to support local workforce housing.
Amenities include private entrances, courtyards and walking paths; shared rooftop terraces, balconies, and barbecue areas; and bike storage, mail, and secure package areas.
The properties are walking distance from Forest Park, Tower Grove Park, Cortex and the Washington University Medical Campus.
The Union project did not make use of federal or state tax credits or incentives and is applying all funds from the 10-year tax abatement it received into the newly formed Newstead West Community Improvement District for the purpose of making approximately $3 million worth of infrastructure improvements that would otherwise not be completed.
These improvements include: • Resurfacing of streets and alleys • Rebuilding sidewalks and curbs • Installing new streetlights • Helping heal the City’s grid by reopening the cul-de-sacs on Vista and Norfolk at Taylor
“This catalytic project is model on how deliver quality equitable housing while still responding to the private market in the St. Louis Region,” said Abdullah.