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Saint Louis Construction & Housing News Focusing on new construction & redevelopments within the Metropolitan Saint Louis Area...  www.slfp.com St. Louis Front Page P. O. Box 1354 St. Louis, MO 63188 http://www.slfp.com Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com |
ST. LOUIS, (SLFP.com), March 16, 2008 - Enterprise Community Investment, Inc. (Enterprise), U.S. Bank, McCormack Baron Salazar and St. Louis, Mo.-based Regional Housing and Community Development Alliance (RHCDA) have announced a $17.5 million federal New Markets Tax Credit (NMTC) investment in Crown Square, the redevelopment of the former 14th Street pedestrian mall and surrounding blocks. This critical financing will help to create 33,500 square feet of mixed-use commercial office, retail and restaurant space and 38 market-rate residential apartments in the Old North St. Louis neighborhood. The $20.1 million project involves the historic rehabilitation of 11 buildings of the former 14th Street pedestrian mall, which has already begun construction, with completion anticipated in April 2009. "This is a great example of how New Markets Tax Credits can be used to rehabilitate and bring abandoned buildings back to life to create vibrant commercial and residential centers, helping spur additional development and stimulating the local economy," said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. "The commercial component of this project will create 80 to 110 new permanent jobs and 125 to 150 construction jobs, the first significant new employment opportunities in Old North St. Louis in many years." Crown Square is located in a high priority area designated for preservation by the city of St. Louis' Strategic Land Use Plan. Additionally, it complements St. Louis' Comprehensive Plan as well as the objectives of the "Plan for the Neighborhoods of the Fifth Ward" adopted by the City Planning Commission. The financing for Crown Square includes federal, state and local subsidies, including a $730,000 Community Development Block Grant from the city of St. Louis, and will leverage $17.5 million in total NMTC allocation provided by Enterprise ($12.5 million) and McCormack Baron Salazar ($5.0 million). More than $11.4 million in financing comes from a combination of federal historic tax credit equity, state historic tax credit equity and NMTC equity from U.S. Bank. In addition, Enterprise's Community Loan Fund made a $1 million loan to an RHCDA affiliate for the Crown Square development.
The Crown Square development features another component being developed by RHCDA, which includes 42 affordable apartments in 16 buildings financed through tax-exempt bonds, historic tax credits and other subsidies. RHCDA is also developing North Market Place, a neighboring mixed-income, for-sale housing community of 41 single-family homes south of Crown Square. Crown Candy Kitchen, a popular St. Louis confectionary landmark restaurant, has anchored the neighborhood for generations and is located north of Crown Square. Crown Square is slated to include a visual and performing arts center, which would be the first facility of its kind in the community. The center is expected to house a variety of arts and educational programs for local residents and will be run by a collaboration of arts and education groups in St. Louis. Construction Equipment Theft Continues to Plague Equipment Owners ST. LOUIS, (PRNewswire-FirstCall), March 16, 2008 - LoJack Corporation recently announced the results of its seventh annual Construction Equipment Theft Study in a report that provides valuable information on the growing problem of equipment theft-a problem that costs construction companies up to $1 billion per year in lost assets. According to the study, which analyzed LoJack stolen vehicle recovery reports for the calendar year 2007, construction theft continued at a steady clip with professional theft rings fueling the issue and skid steers being the number one theft target. For the calendar year 2007, LoJack recovered more than $18 million in stolen construction equipment assets. Since LoJack entered the construction market in 2000, the company has recovered more than $86 million in stolen construction equipment. "In today's challenging economy, which is underscored by a decline in building starts, it is more important than ever that construction business owners protect the major investment they make in their equipment from today's professionals thieves," said Ronald V. Waters, LoJack's President and Chief Operating Officer. "Construction equipment theft is a high reward, low risk form of theft and equipment is unfortunately an 'easy mark' for thieves due to poor on-site security, ineffective record keeping and a lack of standardized product identification information. Owners need to take all of the necessary precautions -- including arming their equipment with a recovery system -- to ensure their expensive skid steers, backhoes and generators remain protected." Professional Theft Rings Continue to Plague Industry This year's study showed that professional theft rings continue to drive the ongoing problem of construction equipment theft, with law enforcement discovering eight theft rings and chop shops through tracking and recovering stolen equipment with the LoJack System. Through these discoveries, police recovered more than $2.5 million in additional stolen assets that were not LoJack-equipped. In one theft ring bust alone, the LoJack System helped Chicago-area police find a major construction theft ring and recover more than 30 pieces of construction equipment/commercial vehicles valued at nearly $900,000. Overall, LoJack has discovered more than 40 theft rings and chop shops since entering the construction market. Popular Equipment Make Popular Theft Targets The study also revealed that once again the newer equipment on the job site is the most common theft target because of higher resale value. The types of equipment most frequently stolen are (in order): 1. Skid Steers 2. Backhoe Loaders/Skip Loaders/Wheel Loaders/Track Loaders 3. Generators/Air Compressors/Welders 4. Light Utility/Work Trucks and Trailers 5. Forklifts/Scissor Lifts 6. Dump Trucks 7. Light Towers 8. Mini Excavators These equipment types represented more than 80 percent of all construction equipment recoveries documented by LoJack in 2007. More than 74 percent of the equipment stolen and recovered was five years old or less. States with the Highest Theft Rates Based on LoJack's recovery data, the following are the top states with the highest occurrence of equipment theft: 1. California 2. Florida 3. Texas 4. Arizona 5. Georgia and Nevada 6. Maryland and New Jersey 7. North Carolina 8. New York and Pennsylvania 9. Illinois 10. Colorado and Louisiana Construction Theft is a Local Issue The report also indicated that construction theft is a local issue. In 97 percent of the cases, the stolen equipment was recovered in the same state in which the theft was reported. It was either in a storage facility or in use on a local jobsite. Unlike auto theft, which has a higher incidence in major cities around the country, construction theft is not confined to city streets and urban areas. Rather, it often occurs in suburban areas where construction growth has been high. Archived Pages: Washington Avenue Comes Alive As Thriving Downtown St. Louis Neighborhood Mercantile Exchange May Become the New Neighborhood and Retail District in the Core of Downtown St. Louis LEED Certified Home Opens in Benton Park West Chaifetz Arena Takes Shape on SLU Campus Breaking Ground for New Luxury Park East Lofts Redevelopment Tax Credits Approved for Several Downtown St. Louis Projects Construction Begins for G.E.W. Lofts Casino Queen Construction Moves Forward With Unique Safety Partnership Specialty Grocery Store Slated for $80 Million Georgian Square Mixed Use Development Near Lafayette Square Lumière Place to Light Up Downtown St. Louis Riverfront  
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