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Friday, December 28, 2007

3 Property Sales in One Day Mark Positive End of 2007

We’re a week late in marking the occasion, but December 21 was a banner day for Old North St. Louis. In yet another indication of the transformation in progress throughout ONSL, the neighborhood welcomed new owners for three properties last Friday, each with plans to bring something good to long-neglected buildings. After a long odyssey toward getting purchase/rehab financing, Shaun & Lyndsey Fosdick (see below) closed on their acquisition of 1506 Hebert from ONSLRG and are already in the midst of rehabbing their new home across the street from the Hebert Community Garden. ONSLRG was able to keep the house from falling into the hands of speculators by purchasing it last year with funds from a grant from Fannie Mae. Now, instead of becoming another absentee-owned vacant and deteriorating building, 1506 Hebert is getting rehabbed by a young couple who are contributing to the life and vitality of the community.

Just an hour later, the Lanes closed on their purchase of the vacant garage building at 1303 North Market (see below). The Lanes are in the process of moving from Kansas City to convert the former LRA property into the Lanes’ new home and Graham’s sculpture studio. Before they even completed their acquisition, Graham & his wife had already brought national media attention to ONSL through an interview in the January 2008 issue of Money Magazine (available at news stands now).

In the article, Graham describes how he and his wife decided to move to ONSL: “Thanks to a local blog we could tell there was a concerted effort from the whole neighborhood toward redevelopment.” The Lanes are another example of the growing creative community taking root in ONSL.

A few blocks to the north, a friendly outside investor purchased the former Someone Cares Mission property at 13th and St. Louis Avenue (see below). The new owner has been working with ONSLRG staff to identify opportunities to make strategic acquisitions that would support the community’s redevelopment agenda and has been in conversations with staff about future re-uses for the vacant building and adjacent lots.

After a full year of activity that included the launching of the $35 million redevelopment of the former 14th Street Mall and progress toward the stabilization of the Mullanphy Emigrant Home building, the real estate activity on Friday the 21st represents a fitting end to 2007 - and a sign of what we can expect in 2008!

Happy New Year!

This entry was posted on Friday, December 28th, 2007 at 2:09 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

WHAT'S NEW IN OLD NORTH

Welcome to the Old North St. Louis Restoration Group's blog. What's New in Old North chronicles the dramatic transformation under way in the neighborhood of Old North St. Louis. As a neighborhood just north of Downtown St. Louis, Old North is becoming a dynamic urban village of new and historic homes, a landmark eating establishment, beautiful community gardens, and a diverse, friendly, and engaged community.

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