ST CHARLES, Mo. — Developer CRG is building a mid-rise apartment complex in the Streets of St. Charles as part of its $1 billion nationwide multifamily investment plan that will build apartments for middle- to upper-income professionals in high-growth markets.
The building, to be called Chapter at The Streets, will consist of 245 units on a 2.2-acre site at 333 Mulholland Drive in The Streets of St. Charles mixed-use development, with ground-level parking. Construction should finish by the second quarter of 2023, with the first units turned over for occupancy in the same quarter. Development costs were not disclosed.
CRG, the St. Louis-based real estate development and investment arm of Chicago-based Clayco, said the urban-style location and walkability of the 27-acre Streets of St. Charles was appealing for an apartment complex that will target young professionals who want walkable options and recreation nearby. Peoria, Illinois-based Cullinan Properties developed the larger project, which has more than 1 million square feet of retail space, restaurants, a movie theater and an existing upscale apartment complex, called Residences at Streets of St. Charles. The development borders the Katy Trail, a recreational trail that follows Lewis and Clark's route along the Missouri River.
“Walkable suburban communities like Chapter at The Streets that combine residential with retail services, along with easy access to nature and recreation, will be immensely appealing to renters. You hear a lot about 15-minute cities – this is a 5-minute city,” J.J. Smith, CRG’s managing partner and residential group leader, said in a news release.
Chapter at The Streets will offer modern one- and two-bedroom floor plans with what CRG called “thoughtful work from home space” and rents starting at $1,400 per month, the developer said. The average rent in the St. Charles County submarket as of the third quarter of this year was $1,166, according to Cushman & Wakefield research.
Read the full story on the St. Louis Business Journal website.
