No doubt most readers have noticed the extensive renovation taking place at multifamily buildings on 61xx Waterman. These properties have been owned by Washington University for almost 2 decades. Because of archaic systems, the need for renovation has been clear here and at buildings on Pershing. The University, as a nonprofit organization, did not pay taxes on these buildings that they rented out to students. For the substantial renovations now occurring (and at 6198 McPherson), the university became partner in a for-profit group (Parallel Properties) and applied for historic tax credits. To receive these tax credits, the units must be open to rental by everyone for 5 years and the for-profit ownership must pertain for that same period.
One hundred fourteen units in 11 buildings are now under redevelopment. These are gut rehabs and some involve massive redos amount to more than $20 Million Dollars in investment. The university is trying to preserve the historic features in the structures. The university is concentrating on multifamily dwellings not geared to family occupancy. It intends to market them to graduate students, then the general public. This is part of a 7 year rehab program.
Quadrangle Properties administers the units Washington University owns as a nonprofit. There are 935 units in this group in both Skinker DeBaliviere and University City. Parallel Properties, the for-profit entity, has 260 units currently in both locales.
Washington University, ranked among the top in the country, currently has between 13,500 and 14,000 students. A best estimate shows that 897 students live within the boundaries of Skinker DeBaliviere: 418 undergraduates and 479 graduate students. This figure includes those who rent homes or apartments from private owners. That amounts to 22% of the neighborhood’s population, using the 2010 census as a base.
