Rise Community Development and Granite City Host Dignitaries and Community Members at Groundbreaking Ceremony for Edison Avenue Lofts
GRANITE CITY, IL – February 5, 2020 - Rise Community Development (Rise) and Granite City will host a groundbreaking ceremony on February 13, 2020, at 2 PM, on the grounds of Granite City – City Hall at 2000 Edison Ave, Granite City, IL, 62040.
The former Tri-County YMCA, located directly across from City Hall, will be converted into Edison Avenue Lofts, a 37 affordable 1- and 2-bedroom apartments, with 5,658 square feet of commercial space and 6,290 square feet of common area and amenities for use by residents. The development is focused on serving area artists and veterans who may be interested in living downtown, in close proximity to amenities such as City Hall, restaurants and coffee shops, movie theater, and parks are within walking distance. Vacant for over 14 years, the former YMCA Building is the most prominent vacant building in the downtown Granite City area.
Amenities in the development will include a formal lobby and gallery, computer lab, storage, on-site management and maintenance, laundry room, a fitness room, and a large studio area that will be made available for arts programing and other community benefit. The development will also provide sustainable, energy-efficient designed apartments with high efficiency furnaces and appliances, off street parking, and dedicated bike racks.
"It seems like everybody in Granite City has lasting memories of the 'Old YMCA Building’—from learning to swim as a child, to lifting weights in the basement as a teen, while watching the night life Downtown out of those ground-level windows peering onto the streets.” said Granite City Mayor Ed Hagnauer. “Our people have a love affair with the place, and it was very important to us to see the building not only saved, but used well.”
Funding for the project will come from a variety of sources—affordable housing tax credit and historic rehabilitation tax credit equity provided by Associated Bank through Boston Capital, construction financing from FCB Banks, HOME funds provided by Madison County Community Development and the Illinois Housing Development Authority and US Bank NA made a IAHTC eligible charitable contribution. Rise is the developer, Altman Charter Company is the general contractor and the architect is Rosemann & Associates.
All members of the community are welcome to attend the groundbreaking.
About Rise (www.risestl.org) Rise is a nonprofit organization that partners with communities to build stronger, more equitable St. Louis area neighborhoods. Rise develops both affordable and market-rate housing, particularly in neighborhoods with the potential to enhance economic diversity. Rise has developed or assisted in over $721 million in neighborhood redevelopment in the St. Louis area. Rise flourishes at the intersections of public, private and non-profit sectors, enhancing the quality of life in St. Louis.