Jonathan Rose Receives $18M Grant for St. Louis Senior Living Community

The HUD financing will go toward climate resilience upgrades.

Jonathan Rose Cos. has received $18.2 million in HUD financing through the Inflation Reduction Act to upgrade Council Tower Senior Apartments, a 227-unit fully affordable and age-restricted housing community in St. Louis.

The U.S. Department of Housing and Urban Development awarded the funding for climate resilience improvements through the Green and Resilient Retrofit Program. Allocated to the Council Tower and two other projects, the financing reflects the maximum grant amount of $80,000 per unit. 

Council Tower Senior Apartments serves residents over the age of 62, earning less than 60 percent of the area median income.

As one of the largest subsidized elderly communities in St. Louis, the property is subject to Section 42 LIHTC provisions and to a 32-year non arms-length unsubordinated net ground lease, according to Yardi Matrix data.

Completed in 1969, the 26-story building incorporates studios and one-bedroom apartments ranging between 550 and 700 square feet. Common-area amenities include a community room, laundry facilities, elevators, controlled access and approximately 230 parking spaces.

Located at 310 S. Grand Ave. in downtown St. Louis, Council Tower Apartments is within walking distance of several dining options, retail centers, green areas and entertainment venues. The property is near Interstate 64 and the Grand Station, which provide easy access across the St. Louis metropolitan area.

Sustainable improvements while preserving affordability

Jonathan Rose purchased the Council Tower Senior Apartments last year, with plans to preserve its affordability and continue to improve the building’s efficiency. Following the acquisition, the company implemented its Communities of Opportunity program, which aims to enhance the health and quality of life of residents in underserved neighborhoods. 

Jonathan Rose will use the funds to invest in major upgrades to the mechanical and lighting systems, while improving the building’s façade. Working in close coordination with HUD, the company plans to implement an efficient strategy to decrease the property’s energy consumption and greenhouse gas emissions. This sustainable project aims to directly improve the living conditions and quality of life of residents at Council Tower Senior Apartments.

Jonathan Rose has also recently purchased a 50-unit affordable senior housing community in Santa Cruz, Calif. The company plans to renovate the building and the unit interiors, which are under a project-based Section 8 contract that was extended by Rose for another 20 years.

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