TWG is adding to its string of Midwestern affordable housing developments with the groundbreaking of Reserve at Spencer, a four-story, 192-unit affordable housing community located in St. Peters, Mo.
The $42.9 million project in suburban St. Louis is being sponsored with tax credits syndicated by CREA, loans from Merchants Bank and UMB Bank as well as bond financing from the Industrial Revenue Authority of St. Charles County. The Missouri Housing Development Commission is serving as a development partner for the project.
Construction on Reserve at Spencer is expected to finish towards the end of 2024. The community will be sectioned into one-, two- and three-bedroom living arrangements, entirely reserved for renters earning less than 60 percent of the area median income. The homes will include laundry machines and dishwashing appliances, and the community is set to feature a fitness center, co-working space with meeting rooms, a clubhouse with a lounge, as well as a kitchenette, a mail room and a dog park.
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Reserve at Spencer is being built at 4000 Ryleigh Reserve Ln, and has quick access to of the city’s largest employers, including Amazon, Barnes-Jewish Hospital and offices of the city government. Much of the suburb lies between the Interstate 70 and Route 94, which feed directly into St. Louis. At its furthest point, the city center lies roughly 29 miles away from St. Peters.
Midwestern affordable developments
According to data from Yardi matrix, TWG’s portfolio of prospective, under-development and existing affordable properties around the Midwest spans 4,821 units in nine cities. In St. Louis, the firm owns and manages Level on Locust, an 88-unit that came online in 2019.
Outside of Missouri, a recently-announced collaborative project being undertaken by the firm is West Baden Lofts, a 44-unit project taking shape in West Baden Springs, Ind. The community broke ground in June, and is expected to finish construction at around the same time as Reserve at Spencer.
