Delayed Apartment Project in Richmond Heights Kicks Off Construction

By on March 12, 2019

From St. Louis Business Journal:  Construction has started on a long-delayed apartment project in Richmond Heights.

General contractor IMPACT Strategies has begun work on The Residences at Boland Place, a $40 million, 220,000-square-foot mixed-use development that will have 187 apartment units and about 3,300 square feet of retail. It’s the only multifamily project currently under construction in Richmond Heights, according to the latest available data from Berkadia.

The city of Richmond Heights first approved the project, located at Dale Avenue and Boland Place, in 2016, but developer Joseph Cyr of ILI Communities went back to the city to ask for tax relief. The city later signed off on a payment in lieu of taxes (PILOT) agreement that was to cap real estate taxes at $297,396 per year for a 10-year period upon completion of the project.

Cyr’s development will comprise four stories and wrap around a 378-spot parking garage. The multifamily component will feature a clubhouse and pool area, terraces, courtyard and fitness center. Construction is projected to wrap up in spring 2020, and the apartments will be marketed as Altair at the Heights, IMPACT Strategies said in a release.

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