Continuing with my twenty 'Best of 2016' development announcements and under-construction projects, we have an exciting project in North City.
Better Family Life would like to renovate 100 homes around Page Boulevard, the project has a potential to reach $20M in investment in some areas that haven't seen much investment recently.
I have to apologize for not having more information, I've reached out to Better Family Life via email, but have not made the time to reach out with calls or schedule a visit to get the full story. I hope to follow up on this development in 2017 and report back here.
The local media discussed the work they are doing in several venues.
“This is a new beginning for Better Family Life because this project will be a major redevelopment of Page Boulevard, which could spark a renaissance in North St. Louis and eliminate the Delmar Divide by helping the existing community and attracting new residents,” Malik Ahmed, Better Family Life's chief executive, said in a statement.
He said he envisions the project will attract millennials and others who want affordable housing in the Page Boulevard area.
Renovation costs for each house will total $200,000, Better Family Life said. Each house will sell for about $130,000, providing owners $60,000 to $70,000 in equity when they move in, the organization said.
Work has begun on three homes. Two of the rehabs are funded by the St. Louis Community Development Agency with gap financing by Midwest Bank, Better Family Life said.
Do yourself a favor and listen to the following KPLR Channel 11 story with Better Family Life and a representative from the city. If that doesn't get you excited, than what will?
Better Family Life has been active in the 26th Ward of St. Louis and they've been buying properties along Belt, Maple, Vernon, etc in several neighborhoods since the 1990's.
They are gaining momentum and one of their goals is to get African Americans who left the city for the county to move back...especially young people who will be civically involved. They call this stretch of Page "The Vibe" because this part of town feels right and is on the verge of gaining fresh blood and investment.
I can't wait to learn more from this group. I will definitely make the time to interview them if they'll have me.
My humble opinion is that if we are going to subsidize growth, this area/project is ripe for it. We need more people rooting down who want to live here. We can subsidize things that benefit visitors and tourists next.
This would be a huge deal for North City! Congrats Better Family Life, keep up the good work. Hope to talk in 2017.