Richmond Heights Approves Plan for $37M Boland Place Development

By on May 18, 2017

From St. Louis Business Journal:  Richmond Heights officials approved an agreement with developer Joseph Cyr, who has plans to build a $37 million apartment complex at Dale Avenue and Boland Place.

The city agreed to a payment in lieu of taxes (PILOT) agreement that will cap real estate taxes at $297,396 per year — meaning taxes over that threshold will be abated — for a 10-year period upon completion of the project.

Cyr, a former Lawrence Group employee, plans to build a five-story, 187-unit apartment complex with 4,000 square feet of retail space on the ground floor. The project is expected to be complete in 2020. P&M Holdings, a business entity controlled by Cyr, acquired the properties in August 2016 for $885,000. The site for the project was previously occupied by the Richmond Heights Church of God in Christ and the vacant A.B. Green School.

Richmond Heights lawmakers initially approved the development in February 2016, but, according to 40 South News, Cyr said he was forced to ask for tax relief because the projected tax on the completed project came in at 50 percent higher than he expected.

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