With the nearly $2 billion National Geospatial-Intelligence Agency project on its way in St. Louis, developer Paul McKee announced on Tuesday his plan to move forward with a 500-unit residential housing plan.
The development will include market-rate rental apartments, houses and some lofts. It is focused on a 50-block area surrounding the northern and eastern edge of NGA’s planned $1.75 billion campus.
McKee has partnered with CRG Real Estate Solutions and Telesis Corp. of Washington. For financing, the group has gotten a letter of intent from the AFL-CIO Housing Investment Trust, which has invested over $500 million in St. Louis area residential developments.
The first phase will include 300 rental units and 200 single family homes in a 50-block area just to the east and to the north of the NGA footprint. The initial construction is expected to begin next year with completion in 2018.