Former Lyon School Building Transformed Into 32 Apartments

St. Louis, MO- The former Lyon School building is being transformed into 32 apartments. The construction of 10 new garden apartments in the Patch neighborhood. The prospective redeveloper is acquiring the property for $400,000 and plans on renovating the building and constructing the new garden apartments for the approximate cost of $6,653,570. The redeveloper, Screaming Eagle Development, LLC, plans to utilize private funds for this project. The property will be marketed for rental rates ranging from $900 - $1150, for studio, one and two-bedroom units.

Matt Masiel of Prime Building and Construction stated, “the school’s location right next to Loughborough Commons and near Interstate 55 makes him and his partners “think there’s an opportunity to add some multifamily (residences) in this neighborhood.”

The garden apartments, he said, will be in a separate building at the corner of Koeln and Alabama avenues, on adjacent green space the school district also owns. Masiel is waiting on state historic tax credits, which are all spoken for this year and won’t become available again for a few months. He said, “absent any dramatic changes from state legislators, my team should qualify for them and close on financing by the end of this year. Construction should be finished by September 2019.”

The area is in the Market Type-E Category of the January 2014 St. Louis Market Value Analysis (MVA). "E" markets have home sale prices below the St. Louis average, and foreclosure sales, bank and investor sales are elevated. This resolution approves the blighting of the area, which includes no use of eminent domain, 10-year tax abatement and authorizes the advertisement for redevelopers of the area. The Strategic Land Use Plan of the City of St. Louis as amended December 6, 2016 designates this as a Neighborhood Preservation Area.

Otis Williams, Executive Director of the Land Clearance for Redevelopment Authority (LCRA) of the City of St. Louis has been authorized to submit the plan to the Planning Commission for its review and recommendation and to the Board of Aldermen for its approval.

About the St. Louis Development Corporation (SLDC)

St. Louis Development Corporation (SLDC) is an umbrella, not-for-profit corporation organized under Chapter 355 of the Missouri State Statutes with the mission of fostering economic development and growth in the City of St. Louis by stimulating the market for private investment in City real estate and business development and improve the quality of life for everyone who lives in, works in, and visits the City.  The mission of the SLDC is to stimulate the market for private investment in City real estate and business development and improve the quality of life for everyone who lives in, works in, and visits the City of St. Louis. If there are questions, please contact John Parker, Director of Corporate Communications and Media at 314-363-1102 or email him at parkerj@stlouis-mo.gov.

 

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