R&R Marketplace will redevelop the former Schnucks Plaza in Dellwood, Missouri.
St. Louis Economic Development Partnership’s (STL Partnership) Heartland Regional Investment Fund, LLC (HRIF) is pleased to announce the $13M New Markets Tax Credit (NMTC) allocation for the R&R Marketplace in Dellwood, Missouri.
HRIF is a Certified Development Entity (CDE) that deploys NMTC for projects in distressed communities throughout the greater St. Louis area. The fund partnered with Smith NMTC Associates, U.S. Bancorp Community Development Corporation, Midwest BankCentre, and Summit Real Estate Group on this NMTC allocation.
The redevelopment will be a mixed-use facility that will foster new opportunities for jobs, childcare, healthcare services, and more. Early estimates include the creation of 100 jobs within one year and 2,000 jobs within five years.
“The R&R Marketplace will be a great asset to the North County community,” said Jeff Colona, New Markets Tax Credits Director at STL Partnership. “We are proud to be included in this partnership and are excited about the future of Dellwood and surrounding areas.”
See Smith NMTC Associates press release here.