Local group and developer celebrate opening of Townsend &
Wall Lofts
The Economic Security Corporation and Jeffrey E. Smith Companies of
Columbia will celebrate the grand opening of the Townsend & Wall Lofts
beginning at 10 a.m., Wednesday, Nov. 19. The development, located at
602 Francis Street in St. Joseph, includes the refurbishment of this
downtown business location into 47 loft-style apartments. The complex
has 20 one-bedroom apartments and 27 two-bedroom apartments renting
between $285-360 per month.
The five-story Townsend, Wyatt and Wall Department Store Building was
designed by Walter Boschen and constructed in 1918. It served St. Joseph
as its primary department store until January 1983. It had been used for
military household storage in recent years. The building is on the
National Register of Historic Buildings as a Contributing Building in
the St. Joseph Commerce and Banking Historic District. It is also a
prominent building in the Historic Retail District Felix Street Corridor
in the master plan for St. Joseph downtown redevelopment.
The development is part of the ongoing downtown redevelopment program in
the city of St. Joseph and is the first to feature loft-style apartments
in the downtown area.
MHDC financing for the development includes $512,576 in federal and
state Rental Housing Tax Credits. State and Federal Historic Tax Credits
were also used to finance the renovation of the building. The
development was a community project with the City of St. Joseph
providing a $500,500 federal HOME loan for the $6.8 million development.
Stearns Bank provided construction financing.
Point of contact for the event is Tami Oidtman, JES Companies,
573.443.2021.
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NOTE TO EDITORS: Media representative questions can be directed to Brandon Laster, Public Information Officer, at 816.759.6692 or e-mail
blaster@mhdc.com.
