Sunday, August 19, 2007
In honor of this blog’s 100th post, we have huge news to share:
We closed on the financing for the first piece of the $30+ Million 14th Street Mall redevelopment this past week! After days of signing countless documents, all of the financing sources agreed to wire their funds to get the project going late Friday afternoon. And after years of crafting and fine-tuning a community vision and hard work by many people to assemble the properties and put together a viable plan, the redevelopment is finally a real project that will transform the heart of Old North St. Louis — and send an indisputable message to visitors to Crown Candy and those who travel along St. Louis Avenue that something big is happening here!
Preparation for the actual construction has already gotten started and much more visible work will happen this week. With the financing in place for the residential component of the development, crews from E. M. Harris Construction Company and their various sub-contractors will become regular fixtures in the neighborhood over the next 18 months or so. ONSL will once again provide an opportunity for these workers to demonstrate how to convert long-neglected crumbling shells into stunning, historically rehabilitated gems.
The burned-out building at 2711 N. 14th Street (above) is just one of the more than a dozen historic structures that will have their architectural beauty and charm restored as part of the residential component. The remaining buildings in this redevelopment will get underway after the closing on the financing for the commercial component (which actually will involve a mix of commercial and market-rate residential and live/work units).
A more formal press release will be coming soon, along with official acknowledgments for all of the parties who made this deal possible. For now, though, we need to thank the entire staff of the Regional Housing & Community Development Alliance, ONSLRG’s partner in this development, for their financial wizardry and determination.