BTD Equity Management Completes Historic Renovation Using CDBG Award

By Akima Garner, Washington University Gephardt Institute for Civic and Community Engagement 2026 St. Louis Fellow

For over 20 years, the house at 2932 University Street has sat vacant as the only visibly deteriorating property on the historical street. Today, thanks to the nearly three-year renovation led by BTD Equity Management (BTD), it's a fully restored single-family home back on the market. 

“This was the only house on the block that was dilapidated,” said Sheila Johnson, CEO of BTD Equity Management.  “So, getting this place renovated will definitely bring up the neighborhood."

Johnson founded BTD in 2013, first licensing the company in Delaware before relocating operations to St. Louis and obtaining a Missouri license in 2014. Since then, BTD has purchased more than 20 properties through the city's tax auction process, renovating 16 to date. This includes rental properties for outside investors and a CDA-funded affordable housing project on Clarence Avenue that was completed roughly five years ago. Now, BTD has taken on this historical vacant project to help the community. 

Outside front view of completed 2932 University Street home. 

The renovation was a gut job, according to Johnson; new plumbing, electrical, roof, and walls were built throughout the home. With the historic nature of the home, a professional demolition company had to come in and safely clear the property of any lead or asbestos before rebuilding began. 

With the age of the home, building materials needed to meet strict preservation standards. Johnson worked with historical consultants throughout the project to make sure the renovation qualified. 

Johnson explained that preserving the home's historic character meant nearly every replacement feature had to be specially made.

"Everything had to be custom," Johnson said. "All the moldings, windows, blinds; nothing was just regular off the shelf." 

BTD also made a point of restoring small original details, like the tiled front porch entrance, to keep the amazing charm and character of the home.

View of entrance way inside the 2932 University Street home.

Investing Back Into the Community 

The historical requirements, plus the unexpected costs along the way, stretched the project's timeline to almost three years and pushed the total investment to about $600,000, which was well above the home's initial renovation budget. Despite mounting costs, Johnson recalled that the team never considered abandoning the project.

"At one point, when we knew the budget was up, we could have made the decision to stop," she said. "But we don't like starting something and not finishing it!" 

This project was supported in part by CDA funding through the Community Development Block Grant (CDBG) award. Before placing it on the market, BTD hosted a private open house exclusively for neighbors in the community. Allowing longtime residents and their families the opportunity to see the amazing renovation and potentially purchase the home if eligible. 

This property is designated affordable housing, meaning buyers must meet income qualifications tied to household size. With four bedrooms and three bathrooms, the home is currently listed at $299,500, and completely on the market to purchase for a suitable family. Johnson hopes the home will become a place where a family can put down roots.

"We really want a family," she said. "Someone that has maybe two or three kids." 

Outside back view of completed 2932 University Street home. 

Looking Ahead 

BTD has two more projects underway on the north side of St. Louis. A single-family detached home and a four-family property are being converted into two side-by-side duplexes. Unlike the University Street project, neither is a historic property, which Johnson hopes will mean a faster timeline.

Johnson also considers the area's proximity to the new NGA campus as a sign of what's ahead for the neighborhood. She’s anticipating growing housing demand as employees fill positions there in the coming years. Looking toward the future of 2932 University, Johnson is optimistic about the neighborhood and its trajectory.

"There's a lot of stuff going on in the area," Johnson noted. "This would be a great little area for a nice family." 

About the Community Development Administration (CDA):

Established in 1974, CDA invests approximately $25 million each year in affordable housing, community development, and public services across St. Louis. As the City’s housing and community development agency, CDA works in partnership with HUD, the Planning and Urban Design Agency and the St. Louis Development Corporation to ensure that funding priorities are transparent, competitive, and community-driven.