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2003-11-14 Media Release  



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Date: November 14, 2003

Contact:  Brandon Laster, 816-759-6692


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.


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.







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