ST. LOUIS 鈥 A 30-story luxury apartment tower slated for a prominent corner in the Central West End will start construction this summer, the developers said Tuesday.
Developers Koplar Properties and Albion Residential have spent several years drawing up plans and finalizing financing for their $145 million project that will add 305 apartments at Lindell Boulevard and Kingshighway. The project had been delayed for years due to rising interest rates, the developers said.
Amenities will include an outdoor pool, juice bar for residents and a stargazing lounge on the roof.
鈥淭his is a statement piece that says 最新杏吧原创 is open for business,鈥 said Sam Koplar, president of 最新杏吧原创-based Koplar Properties. 鈥淲e鈥檙e very excited.鈥
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The project, called the Albion West End, will receive real estate tax abatement valued at $9.7 million.
The 最新杏吧原创 Development Corp., the city鈥檚 economic development arm, said the development will provide a fiscal benefit worth $6.7 million over 20 years to city coffers and $9.1 million to 最新杏吧原创 Public Schools.
The developers are also expected to contribute $1.3 million to the Affordable Housing Trust Fund or similar program, SLDC officials said.
The property, 4974 Lindell, currently is a vacant parking lot. It is located next to the One Hundred luxury apartment building that opened in 2020.
The city鈥檚 Land Clearance for Redevelopment Authority approved the companies as redevelopers during its meeting Tuesday.
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