So 35 homes and a 12 unit condominium building is slated to fill in areas surrounding the nearly completed SLU hospital in the Gate District neighborhood according to the news. This is exciting news for the transitioning little neighborhood, along with so much of the other development going on in its proximity. Several developers are sharing in building on lots owned by St. Louis University with cooperation from the neighborhood development committee.
Having seen the demise of condominium builders financing once, it would be nice to see an opportunity to build new condos with reasonable provisions for builders. Last go round, between 2001-2006, builders all over abused the provisions, taking advantage of banks loose procedures on checking for the buildings sales data. It would be nice to try to meet in the middle, if that’s even necessary. A well funded project / contractor may not need to start the project without some sales.
The new homes may have several builders, but UIC, active in Botanical Heights / McCree town is part of the deal, and appear to be more affordable with these homes than in the past. I’m hoping this project moves forward as the press has it, although its never 100%.
Way to go everyone on adding more great city homes for sale and building up an already growning community!