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3500 Illinois historic, green rehab

3500 Illinois historic, green rehab

Gut rehabs of LRA (Land Reutilization Authority) have been few and far between in the past eighteen months, with construction financing has been virtually nonexistent in this economic climate. So you can count me surprised when I got a call from a friend saying that this 4,932 sq ft monster in Marine Villa was going to be turned into a single family home.

Originally a bakery on the first floor and a boarding house on the second and third, this 1902 property is undergoing demo as I write this. For those unfamiliar with it, the property is at the southeast corner of the intersection of Illinois and Potomac, just south of the Cherokee Antique District. Being developed by Tiger Lily Development by Clover Leaf General Contracting, the projected is being targeted for a June completion. That might seem a tad long, but considering the current condition of the property, such a timetable would be quite impressive.

To put it mildly, this place is a wreck. The garage addition on the rear needs to be totally ripped out, the roof is shot, the structure needs to be jacked up, all the floors are caving in… you get the idea. The picture gallery below is eyeopening to say the least. Due to budget restraints some improvements the developers wanted to tackle won’t be happening, but the rehab will be historic (they are using Missouri Historic Tax Credits) and green. Here are a few bullet points on the finished project:

  • Spray foam insulation to maximize energy efficiency
  • Geothermal heating and cooling system
  • 4 bedrooms with one being on the first floor
  • Third floor is a large loft area, which will be finished
  • Storefront will be restored to the original glass
  • Large 2-car carport int he rear

That is just a taste of what they will be doing. Quite impressive on such a limited budget. Its certainly great to see such grandiose projects still taking place in Marine Villa and Benton Park, which is just a block north. Expect more as the project progress.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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7 thoughts on “3500 Illinois historic, green rehab”

  • Brian S.

    December 4, 2009 at 4:16 pm

    I’m normally not a fan of converting storefronts to residences, but it’s great that this building is going to be rehabbed.

    Reply
    • Matt Kastner

      December 4, 2009 at 5:48 pm

      I agree with you, but the current market nixed that possibility. Two other developers failed to make the project work and it Tiger Lily couldn’t do it I am told they were going to wreck the place. The original plan called for condos, which could have opened the possibility of commercial space, but buyers can’t get loans on condos right now so it is hard to justify building them. There is also a ton of vacant and unrehabbed commercial space along Cherokee to the north and even more on Broadway to the south. At this point, anyone doping quality work is welcome in my book. Marine Villa has a long way to go.

      Reply
  • Paul Fernandes

    December 8, 2009 at 6:32 pm

    This building is right down the street from my pad. It’s been the local eyesore for too long, bringing down the whole area. Ironic that it will recieve such a great re-hab. I hope it blooms brightly. I had a chance to step up the spongy steps, and tread timidly on the collapsing floors but once inside the space, I was quite excited about historic trim that I hope will be preserved and the great open third floor. Still, the project seems like a slippery slope. Hope it works for those parties willing.

    Reply
  • Your Mom

    February 15, 2010 at 6:59 pm

    I know the people that are rehabbing this place, great addition to the neighborhood!!

    Reply
    • Matt Kastner

      February 15, 2010 at 8:32 pm

      Looking a lot better already for just having cleaned it up. I am about due for an update on that one. Hopefully have some progress pictures soon.

      Reply
  • James

    March 12, 2010 at 3:12 pm

    Thanks for covering this property. I’m on the board for the MV neighborhood association and also live with a block of this property. Very excited to see so much interest in it! I plan on contacting the developer to see if an open house is possible to show the progress during the annual history fair hosted on Cherokee Street in May.

    Reply
    • Matt Kastner

      March 12, 2010 at 3:37 pm

      No problem. I will talk to the owner about the tour. I would imagine she would be more than happy to. I keep meaning to get an update posted on this project actually. I will try to get something going for next week.

      Reply

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