Lux pitches 300-unit apartment building near Soulard Market
Lux Living, which has developed hundreds of apartments around the city in recent years, is planning a $68 million, 300-unit apartment building near Soulard Market.
The project, pitched at the site of a truck dealership on Seventh Street, would be Lux Living’s largest to date. The company recently completed The Steelyard, a 128-unit apartment building less than a mile south of the new project that is fully leased, Lux Living Director of Operations Kyle Hennessey said.
The new Soulard project — branded “SoHo” — will be at the corner of Seventh and Marion streets, where Broadway Ford Truck Sales currently sits. According to a city report on the project, the developers plan to acquire the site for $4.2 million. Plans also call for 330 parking spaces and 5,000 square feet of commercial space.
The Soulard project “will boast an amazing outdoor amenity deck” with both a pool and a dog park, Hennessey said.
The city’s Land Clearance for Redevelopment Authority is recommending the Board of Aldermen grant the project a 10-year tax abatement worth 95% of the improvements. Lux hopes to wrap up construction by August 2021.
Rents should average about $1.82 per square foot. About 225 units would be one-bedroom units around 650 square feet, and 75 of the units would have two bedrooms ranging from 950 to 1,050 square feet.
Lux Living, led by Victor Alston and Sidarth Chakraverty, has been busy in recent years. It is finishing up leasing on its new Bordeaux apartments, a 48-unit rehab of an old mop factory in Lafayette Square, and it expects to complete construction of its 150-unit Chelsea apartments on Pershing Avenue in the Skinker DeBaliviere neighborhood later this year.
It recently sold one of its projects in that neighborhood, the 160 units at 5510 Pershing, to a San Francisco real estate investment firm for $44 million. Last month, it unveiled plans for another 150-unit apartment building on Pershing, just steps from the Forest Park-DeBaliviere MetroLink station.