By KERRY SMITH, EDITOR, ST. LOUIS CONSTRUCTION NEWS AND REVIEW MAGAZINE
A $42.5 million workforce housing, mixed-use development in The Grove has broken ground.
Terra At The Grove, a four-story, six-multifamily-building development structured by Los Angeles-based George Smith Partners, is projected to reach completion by early 2022.
Planned are a total of 307 living units, a percentage of which will be available at rent rates that are below market rates yet above what the U.S. Dept. of Housing and Urban Development defines as affordable housing. Workforce housing, as defined by developers and community planners, includes households with incomes between 80 percent to 120 percent of the area median income (AMI).
The development’s location is in the 4500 block of Swan Avenue, one block south of Manchester Avenue, within walking distance of the BJC/Washington University in St. Louis medical campus and Cortex.
Project partners say they’re aiming at a target population of St. Louisans seeking a walkable, workable commute and a quality of life as embodied by The Grove and the Central West End and Forest Park area.
In addition to residential units, Terra At The Grove will feature a 1,415-square foot retail suite on the ground floor.
Green Street Development Founder and CEO Phil Hulse said financing complicated real estate developments is never easy but is even more complex amidst a prolonged pandemic.
“We were fortunate to have George Smith Partners Senior Vice president Kyle Howerton work with us to source the debt with CIT Bank and guide us through a creative and successful financial close,” said Hulse.