ST. LOUIS — A local developer has started construction on a new $81 million apartment complex after finishing up a nearby $41 million complex last month.
Green Street Real Estate Ventures broke ground this month on The Rail, which will add 269 market-rate apartments at 4591 McRee Ave. next to Green Street’s new Forest Park Southeast office that opened earlier this year and the $6 million Bar K dog park/bar that opened last year.
The Rail’s building, spanning 262,000 square feet, will occupy the 4-acre property that had been used as overflow parking for Bar K.
Construction is scheduled to finish in 2024. ARCO Construction is the general contractor for the project, and HDA Architects serves as project architect for the apartments. Financing comes from the Bank of Washington.
It's the latest project Green Street is building in Forest Park Southeast and The Grove, following Chroma at the Grove and Terra at the Grove.
A $41 million apartment development with 168 units, Union at the Grove, wrapped construction last month. The project is mostly workforce housing, which is housing leasing at rents below market rate but above low-income housing rates.
The project is housed in six distinct buildings near Kingshighway on Hunt, Vista and Norfolk avenues, between Newstead and Taylor avenues. The buildings are within walking distance of Forest Park, Tower Grove Park, the Cortex Innovation District and the Washington University medical campus. Each building varies in design and layout, according to a news release.
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