Tower Grove Neighborhoods CDC Invests $2.2 Million to Purchase 34 Units in the Shaw Neighborhood to Help Sustain Affordability- Financial services firm TIAA provides $200,000 in support
The near South St. Louis City neighborhood of Shaw, after 30 years of strategic redevelopment, has blossomed into one of the most desirable places to live in the region. As a result, rents are increasing and properties are selling within days of being on the market. Through an intensive community engagement effort and neighborhood analysis in 2014, Tower Grove Neighborhoods Community Development Corporation (TGNCDC) completed the framework and vision plan for the Shaw, Tower Grove South and Southwest Garden neighborhoods. In Shaw, goals were created to focus capacity on neighborhood housing, specifically quality and affordable housing on Shaw Boulevard and De Tonty Street. These areas have traditionally been less desirable to developers given their close proximity to the highway.
To meet these goals with an innovative approach, Tower Grove Neighborhoods Community Development Corporation (TGNCDC), in partnership with financial services firm TIAA1, recently purchased $2.2 million of real estate totaling 34 units in 10 buildings. TIAA provided a $200,000 grant, 30-year amortization and competitive interest rate to reduce TGNCDC’s down-payment requirement and to help increase cash flow to financially sustain the organization, which is challenged with decreasing grant funding. TGNCDC has a goal with TIAA to keep units affordable for 80 percent of new tenants who meet income guidelines of 80 percent to median or less.
TGNCDC Board President Janice Drake said, “Our TGNCDC board is excited about offering apartments at a moderate price to counter the rising market rate in the Shaw neighborhood. This opportunity to sustain affordability would not be a reality without the generous $200,000 grant from TIAA. We are committed to making sure these 34 units are well-maintained, comfortable homes long into the future.”
The investment also protects the portfolio of multifamily properties from absentee landlord ownership, which is a long-standing issue in the City of Saint Louis, while properly maintaining and managing the properties, including screening tenants through TGNCDC’s tenant screening program, Screendoor.org. Further, the investment will leverage improvements on Shaw Boulevard/De Tonty Street, which were completed by or facilitated by TGNCDC. They include the New Bailey’s Range at 4175 Shaw Ave. ($400,000 investment/opening date to be determined), the Wild Carrot Event Space ($1.2 million investment at 3901 Shaw Blvd./opening summer 2017), DeTonty Commons Apartments and Townhouse Development on the 4100 Block of De Tonty St. ($10 million investment/opening 1st quarter 2017) and streetscape improvements such as new branded crosswalks, new bump-outs, new LED lighting improvements and new banners.
“Tower Grove Neighborhoods CDC’s efforts to obtain these properties will guarantee moderate price rentals with outstanding responsible local management. Such a win for Shaw and the City of St. Louis.” says Alderman Steve Conway.
“Shaw is considered an area of opportunity and it has always been a place for people of all income levels. We’re taking a proactive approach and making a sizable investment to sustain economic diversity and affordability to help low- to moderate-income residents stay in the neighborhood and to provide the same opportunity to others looking to move here. State and federal subsidized housing will never be enough to meet the demands of our community. Partnerships with organizations like TIAA are imperative to successful neighborhood revitalization that includes sustaining affordability with market rate deals,” said Sean Spencer, executive director.
The Tower Grove Neighborhoods Community Development Corporation is a not-for-profit organization that promotes responsible development, affordable housing, diverse character and vibrancy in the Shaw, Tower Grove South and Southwest Garden neighborhoods of St. Louis.
1-Grant made from TIAA-CREF Trust Company, FSB
Dave Bailey Formally Announces Plans to Bring 2nd Bailey’s Range Restaurant to a Long Term Vacant Building In Shaw
TGNCDC is pleased to pass on this information that was reported on several months ago. You can download the press release at pressreleasetinyrange and info on the 5th birthday specials at range5thbirthdayweb
Congrats to the Bailey’s restaurant family on the announcement. We look forward to seeing what you can do with the building and lot!!
TGNCDC will post updates as we learn more about the schedule and plans.
Over 60 sponsors donated items and cash to help Tower Grove Neighborhoods Community Development Corporation (TGNCDC) raise over $20,000 to continue our service to St. Louis City and the neighborhoods of Tower Grove South, Southwest Garden and Shaw. The 2nd annual event drew many neighbors and poker players from all over the metro area. Over 130 people attended with Collin Baker bringing home the championship of $450 in cash and a new Weber grill donated by Gas Appliance Service. Guests enjoyed comedy from Impolite Comedy LLC, pizza donated by Dominos, wings donated by Hodaks and other treats. Guests also enjoyed beer and wine donated by Civil Life Brewing Company, our neighborhood brewery. Not only did we raise some money, we also brought people together. It was a wonderful night of competition, fellowship and community building. Thanks to everyone who came and we hope to see you next year!
Download the Poker Night Presentation at tgncdc-poker-night-final
Thanks to our sponsors:
GAS APPLIANCE SERVICE
ST. LOUIS EQUITY FUND
JAMES J. ROBINSON
PAT CONNOLLY TAVERN
TOWER GROVE HEIGHTS
FRONTIER PROPERTY MANAGEMENT
JON BEcK LAW OFFICES
NOVUS REAL ESTATE
TOWER GROVE SOUTH
Pasta House Co.
Moolah Theatre and Lounge
TRX Tattoos and Piercings
Tower Grove Creamery
Gelateria Del Leone
AM Trading Company
Salon St. Louis
Ices Plain & Fancy
The Purple Martin
Oak Hill True Value
John D. McGurk’s
The London Tea Room
Great American Human Foosball
Flying Fur Grooming Salon
Gringo Jones Imports
Bull’s Eye LLC
Missouri Botanical Garden
The Bug Store
Community Acupuncture of St. Louis
The Home Depot
Local Harvest Grocery
Three Flags Tavern
Heavenly Hands Hauling & Handyman
Tower Grove Park
Helium Comedy Club
Morgan Ford Massage & Spa
Square One Brewery & Distillery
Michel Funeral Home
PNC Bank Awards Grant to TGNCDC, In Partnership With Covenant House, To Continue Clean Up Efforts In South Tower Grove South
They say, “One man’s trash is another man’s treasure.” This isn’t necessarily the case in South Tower Grove South (South of McDonald Ave) where trash is drifts from cars and homes, local fast food restaurants and other businesses onto the commercial and residential streets in this rapidly improving area.
Through the Tower Grove Neighborhoods Community Development Corporation (TGNCDC) Framework and Vision plan (www.towergrovecdc.org), we identified South Tower Grove South as an area in need of investment and improvement. TGNCDC has already developed over $1,200,000 in the area, primarily south of Gravois. We’ve created over 24 newly updated and naturally affordable apartments that rent for $450 per month. In addition, TGNCDC has built/sold 2 subsidized new construction homes to bring new homeowners and stakeholders to the streets. We also supported the installation of trash cans and LED lights with Alderwoman Green. And TGNCDC has donated the use of one apartment as a police substation in the 3600 Bamberger building (http://www.ksdk.com/news/local/police-substation-moves-into-drug-house-1/69963300). The PNC Bank Clean Up Grant to TGNCDC, in partnership with Covenant House (https://www.covenanthouse.org), will continue our mission to bring public and private investment to the area. Beautification efforts also help create pride in the area by current residents/business owners. And the grant will present opportunities for area youth, who are bordering of homelessness, to work and build a resume for future employment. Employment interview training is also part of the Covenant House program.
TGNCDC is fortunate to work in neighborhoods with passionate residents/business owners, attractive housing/building stock and in close proximity to transportation, jobs and shopping. These factors, along with a clean and inviting appearance, will enhance the our ability to market the area for investment and continue to improve the quality of life. The grant is a win-win for the neighborhood and we’ll look forward to starting the year long activity in October/November of 2016.
2016-2017 Shaw, Tower Grove South, and Southwest Garden Community Resource Guide and Directory Coming Your Way!
It is finally here! Tower Grove Neighborhoods Community Development Corporation (TGNCDC) in partnership with STL Programs created an all-new community resource guide and directory for the residents of Shaw, Southwest Garden, and Tower Grove neighborhoods. The 80-page resource guide includes a comprehensive list maps, neighborhood association information, social services, local events, housing and historic district information, history and much more. According to Jeff Fister, President of STL Programs, this guide/directory will be the most comprehensive community resource guide ever made available to residents up to this time. Hardcopies have been published and are being distributed to over 28,000 residents on their doorstep throughout the Tower Grove Neighborhoods right now!
This initiative was founded on the principles outlined in TGNCDC’s coalition building goal to advance the Framework and Vision Plan, build awareness, and inform the public of resources available just minutes from their home. Due to the fact that information is scattered throughout the internet and not everyone is able to access that information nor has the time, TGNCDC sought to conduct comprehensive research on all the community resources available and locate them in one place that is available in the most accessible way. Throughout the process, TGNCDC reached out to neighborhood organizations, institutions, and individuals serving the neighborhoods to get a better understanding of what services are already available and to determine any gaps and community needs. Thanks to their collaboration and dedication to their neighborhoods, TGNCDC is able to continue to support resident services throughout Tower Grove Neighborhoods.
In an effort to engage the community even more, TGNCDC created a Front Cover Photo Contest where residents, employees, and business owners had the opportunity to get their photo on the front cover of the 2016-2017 Community Resource Guide and Directory. The photo contest was judged by TGNCDC committee members and the winner was Stefanie Hammond! Congratulations!
The continued effort by residents, organizations, institutions, and TGNCDC to provide support for community resources and services is a testament to the growing strength of the neighborhood and bonds throughout the community.
Thank you for all those who contributed to this effort and the continued overwhelming support of our neighbors and throughout our community.
For more information on this or other Tower Grove Neighborhoods CDC activities, visit our website: towergrovecdc.org or call 314-865-5530.
Here is the online version!!