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Magnolia Place condos

After spending years in limbo with title issues (it was a DHP property if that means anything to you), 4101 Magnolia is finally getting another chance to shine. This former 24 apartment complex just off Tower Grove Park will soon be transformed into condos. The project will be marketed as Magnolia Place.At this point, specifics on the project are pretty slim, but their website and signs state that pricing will start in the low $100’s. The exact number of units is also still in question, but I think its a safe bet to say that there will be no more condos than their were apartments in the original 24 unit layout.

This project has been on my radar for a while, but things are just now coming together. The West End Word posted a story late last year mentioning the property being in line for a TIF. Specifically they said the property was the target for “a $570,000 TIF to allow developer Rick Yackey to fix up a “problem property” at Magnolia Place and Thurman Avenue near Tower Grove Park. Yackey intends to sell the 24-apartment building as condominiums.” I assume they got their TIF.

No word yet on when construction will get underway, but I imagine something will get going soon. Things have really been booming on the north and south sides of the park and this project will have a pretty broad impact on the Shaw Neighborhood and the Tower Grove area as a whole. This is one to watch.

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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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3 thoughts on “Magnolia Place condos”

  • Debbie

    August 18, 2008 at 2:56 pm

    Please, please keep us posted if you hear anything else about this project. I drive by the building every day, and it bums me out that this is one of the first things people see when they enter Shaw from the south.

    Reply
  • Judith Crowe

    September 23, 2008 at 4:48 pm

    I’d love to see this place restored. I lived in one of the first floor apartments with my parents immediately after WWII, 1946-1949. Housing was very difficult to find for returning GIs. My father gave up (sold) his brand new Packard car, one of the first off the post-war assembly line, to the apartment manager, in order to secure a rental. My grandfather had pre-ordered the car long before the war ended, as a welcome home present for my dad.

    Reply
  • First phase of Magnolia Place condo development coming online | Threshold Investment Properties

    November 25, 2009 at 6:11 pm

    […] Magnolia Place condos […]

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