Soulard apartment project moves forward on incentives deal
The developer behind a proposed 300-unit apartment deal in Soulard is one step
closer to receiving its incentive package.
The city’s Land Clearance for Redevelopment Authority will recommend the Board of
Aldermen approve developer LuxLiving’s ask of tax abatement of 10 years at 95%
and a sales tax exemption on construction materials, which would be facilitated
through industrial revenue bonds up to $40 million. It’s not clear when the Board of
Aldermen will review the project.
LuxLiving, led by Vic Alston, is proposing to build a 300-unit market rate apartment
development, called SoHo, at 1501 S. Seventh St., just on the Soulard and Kosciusko
neighborhood border, for more than $68 million. It would also feature a 330-space
garage and 5,600 square feet of commercial space when it comes online in 2021.
SoHo would not be subjected to the new fee for developers receiving a sales tax exemption on construction materials
because the new rule was adopted after the LCRA reviewed LuxLiving’s project.
An entity associated with LuxLiving acquired the multi-parcel site in early February for $4.2 million from Broadway Ford
Truck Sales, according to data from real estate research firm Reonomy.
There were more than 2,500 apartment units under construction across the St. Louis region at the end of 2019, nearly a
third of which is being built in the city of St. Louis. The metro area ended the year with a 95.6% occupancy rate and an
average rental rate of $962, according to the latest available data from Colliers.