By Nathan Rubbelke, St. Louis Business Journal
"The developer of a $150 million project to overhaul the city of St. Louis' oldest public housing complex said Wednesday it's seeking to begin construction on the project in 2025.
The $31.1 million first phase of the redevelopment project, led by nonprofit Preservation of Affordable Housing Inc. (POAH) of Boston, will bring 89 new units at the Clinton-Peabody Apartments at 1401 Lasalle Lane. It will be the start of a multiphase project that will demolish Clinton-Peabody's existing 358 units across 31 buildings, replacing them with 350 mixed-use and mixed-income apartments and townhomes. The full scope of the redevelopment is expected to include an overall investment around $150 million and take about 10 years to complete, said Julie DeGraaf Velázquez, POAH's vice president of community redevelopment.
POAH held a media briefing Wednesday to share its plan for the redevelopment, providing a look at renderings and details on financing the project. It said its vision for Clinton-Peabody's redevelopment has been influenced by a community design process that has included monthly meetings with residents there.
"The residents are vested, they've told us what they want, and our job is to try and make it happen," said Felicia Dawson, vice president of community partnerships at POAH.
...Pam Emrick, who began living at Clinton-Peabody in 1967, said "it's time" for an overdue renovation of the complex. She said residents in the design process have sought a redevelopment that will beautify the complex, improve living conditions and bolster safety.
...The redevelopment plan expects the units to be affordable to a range of individuals. Current estimates are that 48% of the apartments will be affordable at or below 60% of the area's median income; 4% at or below 50% of the area's median income; 28% at or below 30% of the area's median income; and that 20% of the apartments will have market rate rents. The redevelopment also calls for 20 for-sale homes. It's a housing mixture DeGraaf Velázquez she hopes allows for economic mobility within the Clinton-Peabody complex..."
Read the article here: $150M redevelopment of St. Louis' Clinton-Peabody public housing complex to begin in 2025 - St. Louis Business Journal (bizjournals.com)