Historic Jefferson City building may become affordable housing development

A Springfield-based developer, the Vecino Group, presented initial plans to the Jefferson City Council Tuesday for a new affordable housing development.

The 80-unit complex, called Capitol Avenue Lofts, would be located in the old International Shoe Co. Building on East Capitol Avenue.

The total project is estimated to cost about $13 million.

However, the complex would be built with the help of Section 42 low income housing tax credits.

The Vecino Group is currently waiting to see if it will be awarded funding assistance with tax credits through the Missouri Housing Development Commission and the State Historic Preservation Office.

The developer will then move on to the city’s planning and zoning commission if awarded the tax credits later this year.

Residents who make 55 percent of the area median income or less would be eligible to live in the complex. That would include individuals who make $24,000 or less and families of four making roughly $35,000 or less.

In the presentation, the developer also included plans to add a parking lot, court yards and have on-site management.

Third Ward Councilman Ken Hussey asked the Vecino Group why it wanted to redevelop the building into affordable housing.

“We didn’t consider market-rate housing for this because the amount of money that needs to be invested into the project,” Bruce Adib-Yazdi, the group’s director of design and construction, said. “And the current market rents that are available in this area, or in the area of that particular project, would not support market rate project.”

Mayor Carrie Tergin voiced support of the initial proposal saying it would further the city’s efforts in revitalizing the East Capitol Avenue and Missouri State Penitentiary area.

A few council members also voiced appreciation of the Vecino Group’s interest in redeveloping the historic vacant building.

However, Fourth Ward Councilman Carlos Graham voiced concern with the plans.

“As you look at the impact it will have on East Elementary School, right now it’s overcrowded, and then putting more development right there certainly is going to impede that issue which they’re having,” Graham said.