8. DECENT WORK AND ECONOMIC GROWTH

2022 Non-Residential Development that Best Exemplifies Major Community Impact – Novogradac

Written by Amanda

Delmar Divine

Developer: CRG
Location: St. Louis

The Delmar Divine is a mixed-used development in St. Louis that provides 105,000 square feet of office space, shared services and other resources for nonprofits, foundations and community support organizations, as well as about 150 residential units.

CRG developed the Delmar Divine to create a social innovation district where agencies can collaborate, innovate and provide better outcomes for the neediest in the region. Located on the site of the former St. Luke’s Hospital (which closed to the public in 2014) on the eastern edge of the West End neighborhood, the property is on a street that historically split the city by racial lines.

The development received $11.4 million in federal HTC equity from U.S. Bancorp Community Development Corporation as the investor, split between the commercial and residential components and $14.2 million in state HTC equity, similarly split, with Enhanced Historic Credit Partners as the investor.

Return to 2022 Historic Rehabilitation Awards

Source: novoco.com

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai