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Developer buys Webster School for rehab project in Old North neighborhood

Developer buys Webster School for rehab project in Old North neighborhood

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ST. LOUIS — A developer has purchased the historic Webster School building in the Old North neighborhood from St. Louis Public Schools with plans to rehab it into senior apartments.

Developer Lewis McKinney of LMAC Holdings closed on the purchase of the William B. Ittner-designed school at 2127 North 11th Street last month. The $12 million project envisions 45 two-bedroom apartments and an adjacent four-unit villa on the 3.7-acre site of the school that closed in 2007.

Last year the Missouri Housing Development Commission approved $8 million in federal low-income housing tax credits, paid over 10 years, to assist the rent-controlled project. The state also approved about $2.2 million in historic tax credits.

The St. Louis Equity Fund will invest $9.4 million to finance the project, and the St. Louis Affordable Housing Commission will make a loan of $500,000.

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