Description
41 Lindell is a proposed market rate multifamily development to be located at 4120, 4130 and 4144 Lindell Blvd, St. Louis, MO. It will involve the razing of all buildings on the properties. The razed area will be replaced by two structures; one will be on the 4144 lot and one will be on the 4120-4120 lot.
This project would apply for city tax abatement in an amount as proposed in the economic model and for a 15 year term period. It is zoned H which is a form, based code which allows the use.
The site is across the street from the Lindell Marketplace, an infill shopping center that includes a Schnuck’s Grocery and Pharmacy. It is within blocks of the heart of the Central West End and all its shopping, dining, office, medical and entertainment uses. It is within blocks in another direction from the highly successful CORTEX technology campus and their 6000 jobs. The highly acclaimed private learning institution, St. Louis University is a block to the east.
Upon completion, the project will offer a total of 292 multifamily luxury units in two 7-story buildings (5 stories of wood frame over a 2-story basement garage). One building will have a plaza on top of the garage getting west sun that will include a pool, grill area and outdoor kitchen, festoon lighting, shade sails and a fire pit. A glass-enclosed fitness room and community room will be on the deck of one building. Other amenities include a cyber café, a game room, package services, a bike storage/bike-washing area and a pet-washing area.
The units will have balconies/patios, high-end appliances, 9-10 foot ceilings, in-unit washer/dryers, ceiling fans, and central heat/air conditioning. The renovation will extend the economic viability of the building and will complement the surrounding neighborhood.
The market rents will be supported by the incomes of the workers in the area and in keeping with the comparable luxury rents in the area. The latest reports have the overall vacancy in midtown at roughly 5% with rent growth in the 3%-5% range. There is a rental housing shortage in the area. Cortex keeps adding jobs and the City Foundry a few blocks away will be a job generator and fabulous dining and entertainment destination. BJC, the St. Louis Children’s Hospital, The Shriner’s Children’s Hospital and The Washington University School of Medicine in the Central West End and nearby Wells Fargo Advisors continue to expand. Tens of thousands of high-paying jobs are within blocks of the subject.
Project costs will total approximately $45 million dollars, to be made possible by the equity generated from the owner and a permanent/construction loan from the private lender/investor. The project developer is Garrison L. Hassenflu. Mr. Hassenflu is the sole Member of Garrison Community Development, LLC, the development entity. He is also President of Garrison Community Management, LLC, the property’s property manager. These companies along with other affiliated companies make up the umbrella entity, Garrison Companies (www.garrisoncompanies.com). He has over twenty five years of experience in development, having developed over $150,000,000 in affordable and mixed income living units totaling over 1400 units. His work has received national acclaim from the National Housing and Rehab Association.
The project will be constructed by Raineri Construction, St Louis, MO and designed by HDA Architecture, St Louis, MO
