Multi-site, mixed-use development
Gravois Park, Dutchtown
Chippewa Park is a $12+ million historic renovation of fifteen buildings into forty-six affordable apartments and three commercial spaces. Chippewa Park will address the considerable shortage of quality affordable housing options in the densely populated Gravois Park and Dutchtown neighborhoods. Financing for the project includes tax-exempt bonds, low-income tax credits, and City Home funds. LDG is developing Chippewa Park in partnership with
Rise Community Development.
Background
Lutheran Development Group (LDG) partnered with Rise Community Development to do a study and strategic approach to investment and development in the Benton Park West, Gravois Park, and Dutchtown neighborhoods of St. Louis. Future efforts will be largely informed by the ongoing Gravois-Jefferson Historic Neighborhood Plan that was developed by community residents and stakeholders through a process funded primarily through LDG.
This project, as part of a series of developments in the community, was co-development by LDG and Rise and named Chippewa Park. The historic $12 million+ Chippewa Park project included the renovation of 15 buildings into 46 affordable apartments and three commercial spaces. Financing for the project included tax-exempt bonds, low-income tax credits, and City Home funds.
After 2 ½ years of planning, two application cycles, and predevelopment, the partnership closed on all real estate by the end of December 2017. Closing on financing occurred in mid-February 2018. The first properties will be leased in Fall 2018, with construction completion in May 2019.
