McCormack Baron Salazar Announces Opening of Parsons Place
June 1, 2002 | McCormack Baron Salazar
St. Louis, Missouri-based McCormack Baron Salazar and East St. Louis’ Emerson Park Development Corporation are pleased to announce the grand opening of 174 new apartments in East St. Louis’ Emerson Park community and the dedication of a neighborhood park in honor of Ms. Ceola Davis. Ms. Davis, a long time Emerson Park advocate has been instrumental in the revitalization of this community.
Festivities are scheduled for Tuesday, June 4, 2002 at 10:30 a.m. adjacent to the Management Building located at 1060 N. 18th Street.
McCormack Baron, a nationally recognized urban housing developer, along with the Emerson Park Development Corporation, a local Community Development Corporation, the Fannie Mae St. Louis Partnership, St. Louis Children’s Hospital and Healthy Kids at Play are hosting the “picnic in the park”.
This is the first phase of over 400 rental and for-sale dwellings planned for the area. Phase I consists of one, two and three bedroom apartments, including one and two-bedroom handicap accessible apartments. Each apartment features full size appliances including refrigerator, stove, dishwasher and washer/dryer. McCormack Baron Management Services, the management agent, reports that the development is 90% leased.
Inquiries for leasing information should be directed to Amanda Smith-Stokes at (618) 271-6970. Phase II planning is underway and will include approximately 120 apartments. Construction could begin in the summer of 2003.
Financing for this development involved the participation of private and public resources. Fannie Mae is the equity investor. The Illinois Housing Development Authority provided the first mortgage under its Risk Sharing Program, second mortgage trust fund financing and awarded nearly $12 million in low income housing tax credits to this development. The City of East St. Louis, The Greater St. Louis Regional Empowerment Zone, the Southwestern Illinois Development Authority, State of Illinois (Illinois First) and the Enterprise Community are all investors in this important initiative.
Emerson Park Development Corporation is the local not-for-profit sponsor and participates as a general partner along with McCormack Baron in the development of Phase I. Participation by Emerson Park as a local community development organization was crucial to the success of this redevelopment initiative.
Playground equipment for the neighborhood parks is being provided by St. Louis Children’s Hospital through Healthy Kids at Play, a community health and development initiative that provides children access to safe play spaces as well as access to health care and education about healthy behaviors. Emerson Park is one of five communities chosen to participate in the first year of this four-year initiative.