The long-awaited rehabilitation of vacant buildings in the Nina Place area will begin this December, said Westminster Company's President Dean Burns at a meeting with the Nina Place Redevelopment Advisory Committee and other concerned residents on Monday, October 26, at the 28th Ward Democratic Headquarters.
The DeBaliviere Place West Condominium Project will convert sixteen large, vacant multi-family buildings on Nina Place, and the 59XX blocks of McPherson and Kingsbury into condominiums. Negotiations are also underway with several small developers to begin the rehab of the remaining vacant two- and three-family buildings in the area, said Anabeth Calkins, a representative of the Pantheon Corporation which owns most of the area's vacant buildings.
The first phase of Westminster's initiative involves 38 units in six buildings on Nina Place between Waterman and the cul-de-sac at McPherson, and will take about a year to complete, Burns said. "We plan to start construction this year and be on line with the first 12 units in the spring market," he said.
The six-family buildings at 5803 Waterman and 5817 Nina Place will be the first two buildings to be converted, Burns said. The finished condos will sell in the mid-$70,000 range. "If we do well, we'll move on down the block (rehabbing buildings)," he said. "Interest rates not withstanding, I think we will do well."
Alderman Dan McGuire is enthusiastic about the project. "This is a wonderful opportunity for neighborhood renters, as well as families from outside Skinker-DeBaliviere, to become homeowners. I don't think there's a better deal around," he said.
The city is committed to assist the developers financially with the project. In addition, all condo buyers will enjoy substantial property tax savings for 25 years, as well as a grant of up to $7500 per unit through the St. Louis Community Development Agency. These "For Sale Incentive Program" funds can be used by the buyer to pay points on a loan, closing costs, and to reduce or buy down interest rates. The new owners will also be eligible to use the swimming and tennis facilities currently in operation in DeBaliviere Place to the east.
For additional sales information, contact the Westminster Company at 776-2077.
Original newspaper source
Originally published in The Times of Skinker-DeBaliviere, November 1987.
