St. Louis Loses $120M Apartment Project

NorthPoint Development has officially canceled its ambitious $120 million, 300-unit apartment complex planned for a prime St. Louis location. This withdrawal impacts the Kingshighway and Oakland Avenue area, leaving a significant development site in limbo and raising questions about future housing growth.

The Unfulfilled Vision

The now-defunct project by Kansas City-based NorthPoint Development aimed to construct 300 apartments near Kingshighway and Oakland Avenue, just south of Interstate 64. Valued at $120 million, the complex was strategically positioned near major transit, Forest Park, and the medical complex, promising much-needed urban housing. As recently as last year, it represented a key step in St. Louis’s development landscape.

Why Plans Were Withdrawn

The developer attributed the project’s cancellation to two main factors: stringent city demands for tax breaks and escalating construction costs. Alderman Michael Browning confirmed these hurdles, noting that the city’s conditions for financial incentives proved too challenging. This, coupled with the rising expenses for materials and labor, made the large-scale development financially unviable for NorthPoint, leading to their decision to pull out.

Alderman Browning’s View

Alderman Browning expressed disappointment, stating the city “wasn’t a good partner” in making the project happen. Despite this setback, he remains optimistic about the site’s “enormous potential.” Its unique location, with proximity to transit, Forest Park, and the medical complex, suggests that it will eventually attract new housing development beneficial to the city and the neighborhood.

Site Background: From Demolition to Dilemma

The site itself saw previous activity in early 2024 when several long-vacant homes were demolished. These structures, despite earlier preservation efforts, had reached “advanced stages of collapse,” posing public safety risks. NorthPoint Development, acquiring the land in late 2023, facilitated their removal to ensure neighborhood safety. Now, the cleared parcel at Kingshighway and Oakland is back on the market, awaiting a new developer after the apartment project’s collapse.

Implications for St. Louis

This cancellation signifies a lost opportunity for 300 new housing units in a high-demand St. Louis area. It highlights the complexities of urban development, particularly the balance between civic needs and developer profitability. For local residents, it means a delayed resolution for this prominent corner. However, the fundamental attractiveness of the location persists, offering hope that another developer will step forward to realize its housing potential.

Frequently Asked Questions

• What was the proposed St. Louis apartment project?
  A $120 million, 300-unit apartment complex by NorthPoint Development near Kingshighway and Oakland Avenue.
• Why did the developer cancel?
  Due to city demands for tax breaks and rising construction costs.
• Where is the site located?
  Near Kingshighway and Oakland Avenue, south of I-64, close to Forest Park and the medical complex.
• What happens to the land now?
  NorthPoint Development will put the land back on the market, with hopes for future housing development.
• Were there old buildings on the site?
  Yes, several vacant homes were demolished in early 2024 due to decay and safety concerns.

This setback is a reminder for St. Louis to find effective partnerships for growth, leveraging prime locations for community benefit.

St Louis Loses Million Dollar Apartment Project