TGNCDC Tackles Long Vacant Four Family in Tower Grove South (the Wedge) and a Former Drug House in Southwest Garden
As a part of Tower Grove Neighborhoods Community Development Corporation (TGNCDC) strategic plan and framework and vision plan, TGNCDC is investing in a rental portfolio and developing affordable single family properties. One strategy is targeting a defined area that is in need reinvestment in Tower Grove South called the Wedge. Our work will help stabilize blocks, eliminate blight and provide quality and affordable housing.
For example, 3610-12 Bamberger was a casualty of the real estate downturn in 2008. It was purchased to be renovated but the improvements never materialized. The building has been vacant for over 9 years. The 3600 and 3700 blocks of Bamberger have more than a dozen vacant buildings. TGNCDC is renovating the building to provide affordable rents in the mid 400’s. TGNCDC also completed a renovation of a long problem property at 3600 Bamberger several months ago (http://wp.me/p4d282-AX).
Another strategy is TGNCDC looks for opportunities to invest in the residential core of our service area, targeting nuisance and long vacant properties. We tend to pay more for properties to help remove the blight. One example is 1817 Alfred. It was a drug house and long time nuisance property that was only vacated after a shooting incident about 16 months ago. Alderman Conway and Neighborhood Stabilization Officer, Michelle Boston David, used a “project 87” to condemn the property. TGNCDC contacted the new owner, who bought at a foreclosure auction, to purchase the property and renovate the home. The new home will be offered for sale in the next 30 days for around $120,000.