It all started when…
Lutheran Development Group partnered with Rise Community Development to do a study and strategic approach to investment and development in the Benton Park West, Gravois Park, and Dutchtown neighborhoods of St. Louis. Future efforts will be largely informed by the ongoing Gravois-Jefferson Historic Neighborhood Plan that is currently being developed by community residents and stakeholders through a process funded primarily through Lutheran Development Group.
The first in what is expected to be a series of developments in the community is a co-development from Lutheran Development Group and Rise named Chippewa Park. Chippewa Park is an $12+ million historic renovation of fifteen buildings into forty-six affordable apartments and three commercial spaces. Financing for the project includes tax exempt bonds, low-income tax credits, and City Home funds.
After 2 ½ years of planning, two application cycles, and predevelopment, the partnership closed on all real estate by the end of December, 2017. Closing on financing occurred in mid February, 2018. The first properties will be leased in Fall, 2018, with construction completion in May 2019.