Friday, February 12, 2010
Developer Robert Wood's $13 million plan to rehabilitate the long-beleaguered James Clemens House at 1849 Cass Avenue, illustrated above, is moving closer to reality. In collaboration with owner McEagle Properties, Wood proposes creating senior apartments in the historic mansion and dormitory wing, and a museum in the chapel wing.
The staff of the Missouri Housing Development Commission (MHDC) has recommended that the Commission approve the project for a combination of a 4% low-income housing tax credit ($828,000), gap financing ($4.5 million) and tax-exempt bonds ($7 million). Wood had sought 9% credits. The MHDC will meet on February 19 to allocate credits. The City of St. Louis made the Clemens House project its #1 priority for the 9% credit.
Strange that the Clemens House, the building that first piqued preservationist outrage at McEagle's land assemblage, may become the first completed project of the NorthSide project? No. As we have been saying all along, the strongest factor in the NorthSide project is the existing fabric of the near north side.