Description
The Residences on Olive is a proposed mixed-use development consisting of luxury, market-rate rental units and 8607 square feet of retail space to be located at the SWC of Olive Blvd and Graeser Rd., Creve Coeur, MO. It will involve the razing of an old strip center currently on site.
Creve Coeur is a prosperous and active mid-county suburb of St. Louis with excellent schools, shops, offices, and restaurants. Just 6 blocks to the west is the City Place mixed-use development and a few blocks further is the I-270 interchange, which provides ease of travel by car around the metro area.
Upon completion, the project will offer a total of 164-172 multifamily units in two 4-story buildings (3 stories of wood frame over retail and tuck-under parking garages. The building will have a pool in the SW corner of the site with festoon lighting, shade sails, a fire pit, a turfed area for yoga/exercise, an outdoor kitchen, and a hot tub for its residents. A glass-enclosed fitness room and a community room will be in one of the buildings on the ground floor adjacent to the leasing office. There will also be a bike storage/bike-washing area and a pet-washing area.
The nature and timing of the entitlements required are as follows: 3 months to get Conceptual Plan approval, 5 months for Preliminary Development Plan approval, and 7 months to get the public assistance required for the project.
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 construction will be of high quality and complement the surrounding neighborhood.
The units will be offered at approximately the following rental rates:
Studio: $1,500
1BR: $1,825
2BR: $2,400
These rents are achievable based on the incomes of the workers in the area and are affordable when compared to the rents in Downtown Clayton, another nearby St Louis County infill, mixed-use area. The rents are in keeping with the comparable A- rents with similar amenities to those in the area. The market has experienced strong population and income growth over the last 60 years. Strong rent growth is a staple of suburban St Louis with it being forecasted in the 5% range, a top 10 U.S. rent growth number. The overall vacancy in the submarket is roughly 5%-6%. There is a serious rental housing shortage in the area. Single-family housing prices in the county are out of reach for much of the population. Employment increases continue at a strong pace in the area creating a need for housing. The retail rents are comparable to those in the area and the retail is substantially leased in the area.
Project costs will total approximately 48.6 million dollars, consisting of equity generated from the sponsor and the LP, a permanent/construction loan, 353 tax abatement, and sales tax waivers with a CID and TDD from the City of Creve Coeur. Steadfast City has been retained to assist the developer in acquiring the necessary assistance for the project. The site is blighted with environmental issues from a former dry-cleaning operation, difficult site elevations, and a strip center with 90% vacancy. The developer will demonstrate the need for at least a 75% tax abatement for Years 1-10, not unlike the Olio Village in Creve Coeur, which was another infill site craving redevelopment that also received 353 tax abatement, CID, and TDD assistance.
The project developer is Garrison L. Hassenflu. Mr. Hassenflu is the Sole Member of Garrison Community Development, LLC, the development entity. Mr. Hassenflu is also the Sole Member of Garrison Community Management, LLC, the property’s property manager. These companies and other affiliated companies comprise the umbrella entity, Garrison Companies (www.garrisoncompanies.com). Mr. Hassenflu has over twenty-five years of experience in development, having developed over $140,000,000 in affordable and mixed-income living units totaling over 1400 units in 6 states. Currently, he has a portfolio of 350 units, having sold 90% of his projects, and has 350 units under construction (or soon to be under construction) for luxury market rate living in his hometown of Kansas City. His work has received national acclaim from the National Housing and Rehab Association.
The project will be constructed by Raineri Construction, St Louis, and designed by HDA Architects, St. Louis
We expect a November 30, 2025 construction start with a March 15, 2027 completion. We anticipate an absorption of 25 units per month, which is comparable to other area sub-market lease-ups.
