The City’s Industrial Development Authority (IDA) is one of the seven development authorities under the umbrella of the St. Louis Development Corporation. The IDA issues tax free bonds to help finance large-scale industrial, multi-family, and not-for-profit development projects.
The long-awaited Alanson Apartments project on Delmar is (finally) getting close to reality after nearly five years of restructuring, with a tax-exempt bond issue scheduled for approval by the IDA next week. The development, by the Skinker-DeBaliviere Community Housing Corporation in partnership with Design Alliance, will produce eight affordable rental apartments and four first floor retail spaces.
This project is a milestone of sorts. Because of the stimulation provided by Joe Edwards’ activity in the area and the new wave of construction activity in the Skinker DeBaliviere neighborhood, Alanson Apartments is likely to be the last “rescue” intervention by a non-profit developer necessary along this stretch of Delmar.
Meanwhile, Bob Wood’s Franklin Apartments development, the conversion of the obsolete and surplus Franklin School Building on Delmar to a senior living complex, is also scheduled for IDA approval next week.