|
to celebrate the grand opening of Parsons Place Apartments and Ceola Davis Park, named after Emerson Park's life-long
resident and community advocate.
St. Louis-based urban housing developer McCormack Baron & Associates Inc. teamed with the Emerson
Park Development
Corporation to complete what many agree is the nucleus around which East St. Louis will stage a major economic comeback.
The Illinois Housing Development Authority financed the project with first mortgage insurance and
a low-income housing tax credit award of $1.6 million. Parson's Place will eventually offer more than 400 rental and for-sale
units.
Also providing funding was $800,000 of state monies from Illinois FIRST, the $1.5 million from the
city of East. St. Louis' tax increment financing district, $1 million each from the Greater St. Louis Regional Empowerment
Zone and the Enterprise Community, the Southwestern Illinois Development Authority, St. Clair County Transit Authority and
others contributing $5.4 million. The $1.6 million tax credit from the Illinois Housing Development Authority raised more
than $12 million in equity funded by The Fannie Mae St. Louis Partnership.
City leaders said that IHDA's tax credit award enabled the city of East St. Louis to leverage $23
million in private and public investments for the project.
"It really is an extraordinary thing, to come back after three to four years of tedious work, and
to see Phase One of Parson's Place completed," said Richard Baron, chairman of McCormack Baron.
The project's first phase consists of single and multi-bedroom apartments, including handicap
accessible units. According to McCormack Baron Management Services, the development is already 90 percent leased.
"We're very proud that 60 percent of this job involved minority participation," Baron said,
referring to minority
businesses that worked on the development.
|
East St. Louis Mayor Debra Powell said the project represents a milestone in relations between
St. Louis and East St. Louis.
"It's truly a partnership," Powell said. "This is really the first marriage of the St. Louis and
East St. Louis business
communities. I want to welcome everyone to the new East St. Louis."
Illinois DCCA Director Pam McDonough said Parson's Place exemplifies what "good government" can
do.
"This year, Illinois won first place (by Site Selection magazine) in terms of economic development
initiatives," she said.
"Our economic development policies are working not just in the big Illinois cities such as Chicago, but in a number of our
small communities as well. Businesses looking to locate in Illinois want to see that we're serious about investing in our
communities. The MetroLink system in Southern Illinois and Parson's Place are shining examples we're doing just that."
U.S. Rep. Jerry Costello (D-Illinois) touted East St. Louis' newest development as evidence that
good infrastructure can be
contagious.
"A private-public partnership is working at its best in projects like these," Costello said. "This
effort is what I hope is
the start of redevelopment throughout the city of East St. Louis and neighboring communities."
East St. Louis councilwoman Karen Cason said Parson's Place and Ceola Davis Park meet one of the
city's objectives to spark
community revitalization in East St. Louis, particularly at the south end of the city.
"This joint venture has afforded some former (East St. Louis) residents the opportunity to move
back to their city," Cason
said. "It's just the beginning."
Fannie Mae St. Louis Partnership office director Clifton Berry said this development represents
the first time in six years that Fannie Mae has established a presence in the Metro East region.
"Congratulations to all of you for making the environment right for investors such as us," Berry
said.
editor/publisher: Kerry Smith
email: ksmith@ibjonline.com
|
