St. Louis, MO
Originally named the George Washington Inn, the 1904-era Washington Apartments building is well located at the heart of the St. Louis’ Central West End neighborhood and easily accessible at its entrance to mass transit. The building was originally rehabilitated in 1979, as McCormack Baron Salazar’s first development project.
In 2006, McCormack Baron Salazar refinanced and renovated the 99-apartment property, which is 100% one bedroom Section 8 serving small families and the elderly. The redevelopment effort maintained rent affordability by extending the existing Section 8 contract for twenty years. Seventy percent of the current residents stayed in place while the construction was completed two floors at a time.
The $15.7 million project scope included gut demolition and rehabilitation of the entire first floor replacing it with universal design and ADA units, a new fitness center, an expanded laundry, community room and management offices as well as a satellite office of AARP. The historic hotel’s original grand entrance on Kingshighway was reopened to improve resident access and security. All six upper floors received completely new finishes and Energy Star appliances. The building’s limestone and brick exterior was cleaned, tuck pointed and sealed. The scope also included significant code-required enhancements, over 400 new historically accurate and energy efficient windows, a new roof and replacement of the secured 75 space parking lot and all landscaping.
Financing for the redevelopment was provided through the use of both Federal and State Low Income and Historic tax credits under a “master lease” structure and the issue of $8 million of privately purchased tax exempt bonds by MHDC.