The development team behind an apartment building going up in the Tower Grove South neighborhood is planning another one just a block away.
Partners Rob Maltby, Kyle Howerton and Michael Anderson plan a $3.4 million, 20-unit apartment building at 3201 Morganford Road. The developers acquired the property for $325,000, according to a St. Louis development office report.Â
The project aims to preserve the three-story building at the corner of Wyoming Street and Morganford Road and incorporate it into a development, said Dave Sweeney, the Lewis Rice attorney representing the developers. The project will also fill in the empty lot to the south of the building.
Staff at the St. Louis Development Corp., the city's economic development arm, recommended the project receive 10 years of property tax abatement worth 95 percent of the property's value. The St. Louis Board of Aldermen must give final approval to the incentive.
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If executed, it would be the development team's second project in the neighborhood and on Morganford Road. Their $6.4 million, 26-unit apartment project at 3172 Morganford Road, on the former site of a car wash, is under construction now.
