July 18--Federal tax credit equity of $2.8 million completes financing for the next projects to redevelop a stretch of Page Avenue, in Pagedale.
That's the word today from U.S. Bank, whose U.S Bancorp Community Development Corp. helped put together the financing with an allocation of federal New Markets Tax Credits.
Planned is a four-screen movie theater, retail space and a health clinic, the latter tentatively set to be operated by St. Louis County.
U.S. Bank and Beyond Housing have closed on financing of $8.5 million for the next phase of what is called Pagedale Town Center. The theater, projected to open next spring, is seen as the entertainment anchor of a mid-county area the currently has few entertainment options.
The theater and clinic buildings are to go up in the 6700 block of Page. Almost across the street is a Save-A-Lot grocery that Beyond Housing helped develop in 2010. Across the grocery's parking lot is the 42-unit Rosie Shields Manor apartments for low-income seniors and a branch of Midwest BankCentre.
Tim Bryant covers commercial real estate, development and other business stories for the Post-Dispatch. He blogs at Building Blocks, the Post-Dispatch development blog.
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