41 Lindell is a proposed market-rate multifamily development to be located at 4120, 4130, and 4144 Lindell Blvd, St. Louis, MO. It will involve the razing of all buildings on the properties. The razed area will be replaced by a single U-shaped building.
This project would apply for city tax abatement in an amount as proposed in the economic model and for a term of 15 years. It is zoned H which allows the use. Still, a site plan will need to be approved.
The site is across the street from the Lindell Marketplace, an infill shopping center that includes a Schnuck’s Grocery and Pharmacy. It is within blocks of the heart of the Central West End and all its shopping, dining, office, medical, and entertainment use. It is within blocks in another direction from the highly successful CORTEX technology campus and their 6000 jobs. The highly acclaimed private learning institution, St. Louis University, is a block to the east.
Upon completion, the project will offer a total of 254 multifamily luxury units in a 1.5-story building (5 stories of wood frame over a 2-story basement garage). The new building will have a plaza on top of the garage getting west sun that will include a pool, grill area, and outdoor kitchen. A glass-enclosed fitness room and community room will be on the deck. Other amenities include a cyber café, a game room, package services, a bike storage/bike-washing area, and a pet washing area.
The units will have balconies/patios, high-end appliances, 9-10 foot ceilings, in-unit washer/dryers, ceiling fans, and central heat/air conditioning. The renovation will extend the economic viability of the building and will complement the surrounding neighborhood. Air-filtering systems, large outdoor area(s), stringent sanitation practices, and testing, if necessary, and touchless technology will be in place to address any pathogen crisis.
The units will be offered at approximately the following rental rates:
These rents are at rents that are achievable based on the high incomes of the workers in the area and in keeping with the comparable luxury rents in the area. The latest reports have the overall vacancy in midtown at roughly 5% with rent growth in the 3% range. There is a rental housing shortage in the area. Cortex keeps adding jobs, the City Foundry under construction blocks away will be a job generator and fabulous dining and entertainment destination. BJC, the St. Louis Children’s Hospital, The Shriner’s Children’s Hospital, and The Washington University School of Medicine in the Central West End and nearby Wells Fargo Advisors continue to expand. Tens of thousands of high-paying jobs are within blocks of the subject.
Project costs will total approximately $57 million dollars, to be made possible by the equity generated from the owner’s equity and a permanent/construction loan from the private lender/investor. The project developer is Garrison L. Hassenflu. Mr. Hassenflu is a Managing Member of MW Development Enterprises, LLC, the development entity. He is also President of Garrison Management Company, the property’s property manager. These companies along with other affiliated companies make up the umbrella entity, Garrison, and MW Companies (www.garrisoncompanies.com). He has over twenty-five years of experience in development, having developed over $140,000,000 in affordable and mixed-income living units totaling over 1300 units. Currently, he has a portfolio of 400 units. His work has received national acclaim from the National Housing and Rehab Association.
The project will be constructed by Raineri Construction, St Louis, MO, and designed by b+a Architecture, Kansas City, MO.
We expect an April 15, 2021 construction start of June 15th and completion on December 15th. We anticipate the absorption of 25 units per month, which is comparable to other sub-market lease-ups.