A $45 million bond issue supporting a 218-unit apartment complex was approved by the City Council on Thursday night.
There have been other proposals for the five-acre site at 12545 Dorsett Road, and the area has been undeveloped for several years. The current plan by a developer based in south St. Louis County was recently approved by the city’s Planning and Zoning Commission.
The project is known as The Flats at Dorsett Ridge and will contain studio as well as one-, two- and three-bedroom apartments, all within one four-story building.
It will have a parking garage, pool, dog park and fitness center.
The city will retain possession of the development over a 20-year period, and the developer will be responsible for paying off the bonds.
The builder will also have a property tax abatement and receive a partial sales tax exemption on building materials.
The bond issue is the largest of its kind in Maryland Heights history, officials said.