Apartment Living
Forest Park Southeast affords several rental options for apartments, including Park East Apartments, FPSEDC-managed apartments, and units leased by private, non-FPSEDC landlords.
Park East Apartments
In one of the most significant revitalization efforts to take place in the Forest Park Southeast neighborhood in many years, Forest Park Southeast Development Corporation is partnering with Regional Housing and Community Development Alliance (RHCDA) and U.S. Bancorp CDC in the historic rehabilitation of 73 affordable rental units located in 24 buildings in the newly designated Forest Park Southeast Historic district. The 24 buildings, all located in a 4 block area, just walking distance from the BJC/Washington University Medical Center campus, contain primarily 1- and 2-bedroom units, along with two 3-bedroom units and one 4-bedroom single-family home, with rents ranging from $350/month for 1-bedroom, $465/month for 2-bedroom, $585/month for 3-bedroom units, and $625/month for the 4-bedroom single-family home. Construction began in August 2002 and we project that all the units will be completed by Fall 2004. Currently, all 73 units have been completed with a 99% occupancy rate.
R.G. Ross Construction is providing general contracting services, Grice Group is providing architectural services, and The Lipton Group is providing property management services. The $7.25 million project received predevelopment loan and bridge financing from RHCDA, bridge financing from Washington University Medical Center and construction financing from U.S. Bank N.A. The Missouri Housing Development Commission allocated federal and state housing tax credits to the project. The State Historic Preservation Office and the National Park Service certified the project for historic preservation tax credits. These combined tax credits generated $5.25 million in equity investment provided by U.S. Bank, which also made a $1.2 million Affordable Housing Assistance Program charitable contribution to the project.
FPSEDC-managed apartments
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Non-FPSEDC landlords' apartment rentals
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