ST. LOUIS — The developer behind an apartment project in Olivette said construction should start in mid-August.
Brentwood-based Ridgehouse Capital is developing a 151-unit multifamily project, called The Oliver, at 9473, 9495 and 9499 Olive Blvd. along with partner Larson Capital Management, a private equity firm based in Chesterfield.
Amenities for the market rate apartments will include a pool, sundeck, fitness center and a 4,000-square-foot club room. An investment cost was not disclosed, though similar developments have gone over $20 million.
The Oliver apartments will range from studios to two-bedrooms. Leasing is expected to start in fall 2021. Rates were not disclosed.
Site work and demolition has begun at the property and foundation work and construction of a parking garage is expected to start in mid-August, said Ridgehouse co-founder and Managing Partner Michael Sansone.
VE Design Group is the architect, and the general contractor is Mission Constructors.
The city of Olivette issued a request for proposals last year for the properties, which formerly housed City Hall, a jewelry store and restaurant, and envisioned multifamily or senior living, retail or restaurants for the area. The properties also lie in an opportunity zone, a federal designation that allows investors to reinvest capital gains.
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