ST. LOUIS--(BUSINESS WIRE)--March 21, 2005--One of the nation's
first "universally designed" large-scale multifamily developments
recently opened in St. Louis. The $13 million, 80- unit, three-story
development, called 6 North, by McCormack Baron Salazar, was financed
by U.S. Bank (NYSE:USB).
The project included a $1.5 million HUD grant to include universal
design features such as an accessible route to the front door,
adjustable-height countertop kitchen island, adjustable height closet
shelving and rods, front loading washer and dryer, easily accessible
power outlets, community room, fitness center, coffee shop and more.
Richard D. Baron, chairman and chief executive officer of
McCormack Baron Salazar, said, "I believe universal design will become
a standard form of architectural design for future housing
developments. McCormack Baron Salazar is pleased to be the developer
of such a facility which will serve as a model nationwide for
Steve Kramer, vice president of U.S. Bancorp Community Development
Corporation, said that U.S. Bank was also honored to be a part of such
a "forward thinking" development and the continued revitalization of
the Central West End and the City of St. Louis. "The successful
completion of innovative projects like the 6 North Development is a
shining example of why we so strongly value our long standing
relationship with McCormack Baron Salazar," Kramer added.
The development was financed with a $4 million U.S. Bank loan and
a $5 million affordable housing tax credit equity investment
structured by U.S. Bancorp Community Development Corporation, with
additional funds provided by the Missouri Housing Development
Commission and the Affordable Housing Commission of the City of St.
Louis. U.S. Bank also made a $1.3 million donation to Urban
Strategies, Inc., an affiliate of McCormack Baron Salazar, to assist
in the financing of the project.
CONTACT: U.S. Bank
Lisa H. Clark
SOURCE: U.S. Bank