Historical Summer 2005 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
THE TIMES has again sought an update on the planned development of Rosedale Square from the Skinker-DeBaliviere Housing Corporation, learning that the housing corporation has apparently chosen a developer for Rosedale Square.
A partnership of Saaman Corp. and Pete Rothschild has been negotiating with the housing corporation to purchase the 10 Rosedale Square buildings on Washington.
A Request for Proposals (RFP) was issued by the housing corporation in October, 2004, to convert the Rosedale Square Apartments into condominiums or townhouses.
The housing corporation has owned the 68 unit complex (located at Rosedale and Washington) since 1988. Saaman/Rothschild will no doubt wish to share their plan with the Neighborhood once it has been finalized with the housing corporation. Perhaps some of the perceived neighborhood needs, such as more housing designed for ‘empty nesters’, or possibly handicap-adaptable, will be considered in the final plans. THE TIMES has learned that the new partnership will be seeking historic tax credits for the project.
As reported previously, some residents feel this is a good opportunity to take advantage of the hot real estate market and convert the buildings from rentals to homeownership. Others are opposed to converting the property to condominiums or town homes, feeling that the loss of these rental units will take away from the affordability and diversity of the neighborhood.
According to census data, over 300 rental units were lost during the 90s; since then, Washington University has absorbed at least 341 more, reducing the number from 1,519 to approximately 891, over 40. One controversial issue is the use of sale proceeds from the sale of the building.
The request for proposals indicated that the minimum bid should be $2,500,000.
After paying off the mortgages, net sale proceeds would still be considerable.
To date, the housing corporation has made no public statement about the use of the excess from the sale of Rosedale Square. THE TIMES continues to request that information on behalf of the neighborhood.
As a not-for-profit body, the housing corporation would be expected to use the proceeds of any such sale to further their housing goals on behalf of the neighborhood.
However, no specific use for the funds has been announced.
Originally published in The Times of Skinker-DeBaliviere, Summer 2005.
Read this article in the original newspaper issue.
Archival transcription note: Rental-loss sentence ends over40 without percentage sign or completion. Source wording retained.
Original source: SD_Times2005_06.pdf, printed page(s) 2; PDF page(s) 2.
