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$7.2M Apartment Redevelopment Planned for St. Louis

Posted on 09/23/2021

From St. Louis Business Journal:  St. Louis-based Advantes Group will look to redevelop a former Saint Louis Public Schools building in the city of St. Louis’ Ellendale neighborhood.

City documents say an Advantes entity would act as developer for 7212 Arsenal St., the former Wilkinson School, creating 34 apartments, 2,484 square feet of office space and on-site parking for 60 vehicles. The office space could support up to 15 employees, the city said.

Under a proposed deal with the government, the Advantes entity, 7212 Arsenal LLC, would be eligible for 10 years of tax abatement based on 80% of the assessed value of improvements.

A city board that evaluates public subsidies, the Land Clearance for Redevelopment Authority, on Tuesday designated Advantes developer for the project. The Board of Aldermen previously passed a redevelopment agreement for the project.

City documents say the project is also relying on $865,000 in federal historic tax credits and $1.3 million in state historic tax credits. Developer and investor equity would total $308,000, a deferred developer fee $260,000 and primary debt $3.9 million. Peoples National Bank is providing financing, with funding also coming from the city’s Property Assessed Clean Energy Financing program.

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