Historic building in St. Louis Grand Center Arts District opens as affordable housing for artists

ST. LOUIS & MINNEAPOLIS -- (Business Wire)

Originally built in 1908, the Metropolitan Building is located in the heart of the artistic Grand Center Arts District in St. Louis, Missouri. This historical gem stood vacant and unoccupied for years, but with renovations now complete it is once again a gathering place for creative talent.

Metropolitan Building exterior today (Photo: Dominium)

Dominium, a leading apartment development and management company, is pleased to announce the grand opening of the Metropolitan Artist Lofts on Thursday, November 8. Representatives from Dominium, financing partner U.S. Bank and the Grand Center neighborhood will speak at the event, which also includes music, art and entertainment.

Surrounded by museums, art galleries, restaurants and educational centers, the Metropolitan Artist Lofts will provide 72 units specifically designed as affordable housing to suit the needs of artists. In addition to one and two bedroom apartments, the building also provides studios for painters, sculptors and clay artists as well as sound studios with special soundproofing. A dance studio and a well-equipped fitness room are also available to residents. Extra-wide hallways turn into gallery space, with picture hangers to display the work of residents.

U.S. Bank provided both debt and equity for the $20 million renovation, including a construction loan, a first mortgage and a nearly $14 million federal and state Historic and Low-Income Housing Tax Credit equity investment through its St. Louis-based subsidiary, U.S. Bancorp Community Development Corporation (USBCDC). USBCDC also made a $1.8 million Affordable Housing Assistance Program (AHAP) donation for the benefit of the project.

“The Metropolitan Artist Lofts is a great use of a historical property that has stood vacant for many years,” said Jeff Huggett, vice president and project partner for Dominium. “We’re pleased to contribute to St. Louis’s vibrant art community and consider this rehabilitation a win both for our expanding Missouri portfolio and the residents of St. Louis.”

Learn more about the Metropolitan Artist Lofts at http://www.metropolitanartistlofts.com.

When: Thursday, November 8
4:30 to 7:30 p.m.
Presentation: 6:30 p.m.

Where: 500 North Grand Blvd.
St. Louis, Mo.

About Dominium

Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. With more than 23,400 owned and/or managed units at 222 sites in 21 states, for 40 years Dominium has been known for creative solutions to unique and challenging development projects, and management expertise. For more information visit www.dominiumapartments.com.

About U.S. Bank

Minneapolis-based U.S. Bancorp (NYSE: USB), with $352 billion in assets as of September 30, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

About U.S. Bancorp Community Development Corporation

With more than $10.1 billion in assets, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50462814&lang=en

Contacts:

U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com
or
Dominium
Josie Hemmingsen, 952-851-7227
jhemmingsen@tunheim.com

Source: U.S. Bank