by Michael R. Allen
Old North’s North Market Place development, started in 2005, focused on constructing new houses like the ones shown here alongside historic buildings rehabilitated for apartments. The Old North St. Louis Restoration Group and its development partner, the Regional Housing and Community Development Alliance, reserved some historic homes in the project area for private investment. Some of those houses and others are now offered for sale to qualified buyers. Those that don’t sell immediately as-is will be stabilized and then offered for sale. From Karen Heet, Real Estate Coordinator for the Old North St. Louis Restoration Group:
The Old North St. Louis Restoration Group is a not-for-profit community development corporation whose mission is to revitalize the physical and social dimensions of the Old North St. Louis neighborhood in a manner that respects the community’s historic, cultural, and urban character.
ONSLRG is in possession of six buildings available for purchase and renovation. All six buildings will be offered in a first round of RFPs in their current condition, with a deadline of August 14, 2009 for proposal submissions. If there is no suitable offer for a building, ONSLRG will pay for the stabilization of the building and then offer the building in a second round of RFPs at a purchase price that reflects ONSLRG’s additional costs for stabilization.
ONSLRG is seeking to increase home-ownership in the neighborhood, so preference will be given to proposals from:
* a developer who will rehab the building and sell to an owner-occupant( s), OR
* an owner-occupant who purchases a building and completes the renovations.
Of special interest will be the applicant’s residential rehab experience, the proposed timeframe for the completion of the project, and the applicant’s understanding of and commitment to compliance with standards for historic restoration.
All buildings are in the Murphy-Blair National Historic District and therefore may qualify for Historic Tax Credits. All buildings are in the N Florissant/N Market/Hadley/ Warren Redevelopment Area and are therefore eligible for property tax abatement. Selected buyers will be encouraged to apply for historic tax credits, property tax abatement, and Neighborhood Preservation Tax Credits.
All proposed construction is expected to be consistent with applicable neighborhood plans and city building codes.
Upon selection, the applicant will have a 3-month option period in which time all construction documents and financing must be finalized prior to the scheduling of a closing date. Construction documents must be sealed by a licensed architect.
ONSLRG will retain an 18-month Right of Re-entry on the property after closing, meaning that if substantial completion has not taken place in 18 months from the date of closing, ONSLRG has the right to take back the property, paying the buyer for any materials and labor for which invoices can be produced.
Please see the attached document for the proposal format and information on the buildings.