Historic building in St. Louis Grand Center Arts District opens as
affordable housing for artists
ST. LOUIS & MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 2012--
Originally built in 1908, the Metropolitan Building is located in the
heart of the artistic Grand Center Arts District in St. Louis, Missouri.
This historical gem stood vacant and unoccupied for years, but with
renovations now complete it is once again a gathering place for creative
Metropolitan Building exterior today (Photo: Dominium)
Dominium, a leading apartment development and management company, is
pleased to announce the grand opening of the Metropolitan Artist Lofts
on Thursday, November 8. Representatives from Dominium, financing
partner U.S. Bank and the Grand Center neighborhood will speak at the
event, which also includes music, art and entertainment.
Surrounded by museums, art galleries, restaurants and educational
centers, the Metropolitan Artist Lofts will provide 72 units
specifically designed as affordable housing to suit the needs of
artists. In addition to one and two bedroom apartments, the building
also provides studios for painters, sculptors and clay artists as well
as sound studios with special soundproofing. A dance studio and a
well-equipped fitness room are also available to residents. Extra-wide
hallways turn into gallery space, with picture hangers to display the
work of residents.
U.S. Bank provided both debt and equity for the $20 million renovation,
including a construction loan, a first mortgage and a nearly $14 million
federal and state Historic and Low-Income Housing Tax Credit equity
investment through its St. Louis-based subsidiary, U.S. Bancorp
Community Development Corporation (USBCDC). USBCDC also made a $1.8
million Affordable Housing Assistance Program (AHAP) donation for the
benefit of the project.
“The Metropolitan Artist Lofts is a great use of a historical property
that has stood vacant for many years,” said Jeff Huggett, vice president
and project partner for Dominium. “We’re pleased to contribute to St.
Louis’s vibrant art community and consider this rehabilitation a win
both for our expanding Missouri portfolio and the residents of St.
Learn more about the Metropolitan Artist Lofts at http://www.metropolitanartistlofts.com.
When: Thursday, November 8
4:30 to 7:30 p.m.
Where: 500 North Grand Blvd.
St. Louis, Mo.
Founded in 1972, Dominium is a Minneapolis-based owner, developer, and
manager of apartment communities nationwide. With more than 23,400 owned
and/or managed units at 222 sites in 21 states, for 40 years Dominium
has been known for creative solutions to unique and challenging
development projects, and management expertise. For more information
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $352 billion in assets
as of September 30, 2012, is the parent company of U.S. Bank National
Association, the 5th largest commercial bank in the United States. The
Company operates 3,086 banking offices in 25 states and 5,080 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. U.S. Bancorp and its employees are
dedicated to improving the communities they serve, for which the company
earned the 2011 Spirit of America Award, the highest honor bestowed on a
company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
About U.S. Bancorp Community Development Corporation
With more than $10.1 billion in assets, U.S. Bancorp Community
Development Corporation, a subsidiary of U.S. Bank, provides innovative
financing solutions for community development projects across the
country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50462814&lang=en
Source: U.S. Bank
U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731