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TAX CORNER
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Waverly
Place – Old is New Again in Historic Lafayette Square
By Zach Boyers
The State of Missouri has multiple tax credit programs to provide
incentives for investments and charitable contributions to approved
projects. This regular column features examples of how the various
Missouri state tax credit programs benefit the State, generally,
and St. Louis in particular.
Waverly Place, located at 2056 Lafayette Avenue, is the first condominium
conversion development in the Lafayette Square neighborhood of St.
Louis City. As urban neighborhoods all around continue to thrive
and improve—witness Downtown, Tower Grove South/East, Midtown/Grand
Rock, Forest Park Southeast, and others—, the citizens of Lafayette
Square perhaps more than any have focused a steady effort at creating
a stunningly beautiful historic residential neighborhood welcoming
to all. Literally adjacent to the south of Downtown, Lafayette Square
is experiencing a new surge of historic residential and mixed-use
development, from the subject condominiums at Waverly Place, to
the single family renovations east of Waverly on Lafayette, to the
loft housing being created at historic developments called Mississippi
Lofts and Wireworks.
Waverly Place
will include 12 one- and two-bedroom condominiums starting at $140,000.
Each will feature brand new systems, spectacular hardwood flooring,
original architecture and magnificent views of Lafayette Park from
their front rooms. The Waverly apartment buildings were built in
1913 and replaced an Italianate style mansion, which was built in
the 1860s for Charles A. Gibson. Gibson—a prominent civic leader—was
one of the first homeowners in Lafayette Square. Notably, his community
involvement also led to St. Louis owning a prominent historic statue.
Gibson acquired Houdon’s statue of George Washington from a downtown
real estate business where it had been stored for many years as
security on an overdue loan. He paid the charges and placed the
statue in his front yard. Later, city officials wanted to buy it
and put it in Lafayette Park. Gibson agreed but wanted the statue
placed directly across from his house. That is where it stands today.
The same view that Gibson had in 1860 can be seen from all 12 units
of the new Waverly Place condominiums.
It is critical to note that the redevelopment of this once deteriorating
apartment complex into attractive condominiums would not have been
possible without the presence of the Missouri State Historic Tax
Credits. Allocated by the Department of Economic Development, these
credits dictate that where rehabilitation expenses exceed 50% of
total cost basis on a state historic structure, a tax credit equal
to 25% of the qualified rehabilitation cost is allocated. These
state credits—for which Missouri is nationally touted, envied and
now emulated in several cases—will often make an otherwise infeasible
project feasible. They can be freely sold or transferred and are
not burdened with recapture provisions. Kathy Bader, chairman of
Firststar CDC, —which is financing the project at Waverly Place
and several others in the neighborhood—commented that “the tremendous
reinvestment throughout St. Louis City would not be taking place
in this way and at this level if it were not for these state historic
tax credits.”
The developers of Waverly, Chris Goodson and Trace Shaughnessy of
Gilded Age Renovation, both live and work in the neighborhood and
are working on a variety of projects in the Square. Goodson offers,
Right now—and in the near future—Lafayette Square will have multiple
residential choices: single family homes, condominium conversions,
a replica luxury condominium building, and loft apartments available.
There truly is something for everyone.” Goodson’s and Shaughnessy’s
newest planned development—the replica luxury condominium complex—is
something on the cutting edge. It will include a mix of upscale
residential and business condominiums with penthouses on the top
floor, and will be built on a vacant lot in the business district
on Park Avenue.
Waverly Place is a nice fit with all of the new activity in Lafayette
Square. As Shaughnessy explains, “The renters that want to become
homebuyers have an excellent entry point in the condominiums on
Waverly. Partner Goodson adds “it’s a great opportunity for someone
wanting to live on the park at a reasonable price.”
Beyond the significance of these 12 condominiums and the positive
impact their presence will have on an already established and desirable
Lafayette Square community, the redevelopment activity there will
continue to bolster the efforts of others near the neighborhood.
As King Louis Square and other phases of that large-scale project
on the former site of Darst Webbe become an exciting reality, and
as conceptual plans for the massive redevelopment of the old City
Hospital complex become real construction and development plans,
this area will become a special place. It will be an illustration
of a strong urban neighborhood open to all, rich in heritage and
sense of place, with an eye firmly focused on the future. Bader
from Firstar notes, “the strength of one neighborhood isn’t kept
within its boundaries. What’s good for Lafayette Square is good
for St. Louis; it’s contagious.” As Waverly Place and other nearby
projects reach completion, the neighborhood will show how the old
can become new again, and all of us will benefit.
Zachary M. Boyers, vice president,
Firstar Community Development Corporation |
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