Governor and State Treasurer mark beginning of renovations in North St. Louis neighborhood

Gov. Bob Holden and State Treasurer Nancy Farmer officiated at ceremonies marking the redevelopment of three deteriorating turn-of-the-century buildings in the Fountain Park neighborhood of St. Louis on July 24. The two state officials, also MHDC Commissioners, joined about 50 dignitaries and area residents for the festivities.

“This acquisition / rehab is very important to the continuing rebirth of the Fountain Park Neighborhood and the continuing out-growth of the Central West End,” said Gov. Holden. “Once completed, residents will have a new beginning here that will help secure their dignity and provide a renewed quality of life that every Missouri citizen deserves.”

Robert Wood Realty Co. and the St. Louis Equity Fund have begun renovating the three buildings to eventually make a total of 75 apartments available for low- to moderate-income residents. The brick buildings - one six-story and the others with three stories - are at 900 North Kingshighway, and at 785 and 904 North Euclid Avenue.

“Many people argue that they don’t want these type of developments in their back yard,” said State Treasurer Farmer. “Well, I can tell you that I live just a few blocks from here and I welcome this project in my neighborhood and it has my total support.

The project is being financed with loans of $3.7 million from the Department of Housing and Urban Development and of $500,000 from the Missouri Housing Development Commission. MHDC approved tax credits to finance the remaining amount. The St. Louis Equity Fund, set up by Civic Progress Inc. to encourage housing for low- and moderate-income residents, will purchase the tax credits.

Rents will range from $475 a month for one-bedroom apartments with 538 square feet to $725 a month for four-bedroom apartments with 997 square feet.

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