Source: Dominium / #Multifamily #Apartments
ST. LOUIS, MO - Originally built in 1908, the Metropolitan Building is located in the heart of the artistic Grand Center Arts District in St. Louis, Missouri. This historical gem stood vacant and unoccupied for years, but with renovations now complete it is once again a gathering place for creative talent.
Dominium, a leading apartment development and management company, is pleased to announce the grand opening of the Metropolitan Artist Lofts on Thursday, November 8. Representatives from Dominium, financing partner U.S. Bank and the Grand Center neighborhood will speak at the event, which also includes music, art and entertainment.
Surrounded by museums, art galleries, restaurants and educational centers, the Metropolitan Artist Lofts will provide 72 units specifically designed as affordable housing to suit the needs of artists. In addition to one and two bedroom apartments, the building also provides studios for painters, sculptors and clay artists as well as sound studios with special soundproofing. A dance studio and a well-equipped fitness room are also available to residents. Extra-wide hallways turn into gallery space, with picture hangers to display the work of residents.
U.S. Bank provided both debt and equity for the $20 million renovation, including a construction loan, a first mortgage and a nearly $14 million federal and state Historic and Low-Income Housing Tax Credit equity investment through its St. Louis-based subsidiary, U.S. Bancorp Community Development Corporation (USBCDC). USBCDC also made a $1.8 million Affordable Housing Assistance Program (AHAP) donation for the benefit of the project.
“The Metropolitan Artist Lofts is a great use of a historical property that has stood vacant for many years,” said Jeff Huggett, vice president and project partner for Dominium. “We’re pleased to contribute to St. Louis’s vibrant art community and consider this rehabilitation a win both for our expanding Missouri portfolio and the residents of St. Louis.”