Velda Glen Townhomes LP to Renovate Multi-Family Living Facility in St. Louis County
Industrial Development Authority of St. Louis County approves $5 million bond issuance for renovation of townhomes
Velda Glen Townhomes LP will renovate Cambridge Townhomes, an affordable family rental housing development located at 2660 Lucas and Hunt Road in Velda City, Mo., in St. Louis County. The Industrial Development Authority of St. Louis County, which is managed by St. Louis Economic Development Partnership (STL Partnership), has approved the issuance of $5 million in tax exempt bonds for the $8.5 million renovation project.
“At STL Partnership, we offer a variety of financing options to help organizations and companies with their needs as we strive to improve all areas of St. Louis,” said Darrell Scott, vice president of business finance at STL Partnership. “We are happy that the bond program will be able to assist Velda Glen Townhomes LP in improving their facility for current and future residents. This is a win-win situation for everyone involved.”
After the renovations are completed, the 18 building, 2.75-acre property will be known as Velda Glen Townhomes and consist of 60 townhomes comprised of one, two- and three-bedroom units.
“The support and involvement of STL Partnership and St. Louis County Home funding are critical components of preserving and improving these 60 townhome units for County residents and allows the renovated rents to remain very affordable,” said Greg Vatterott, Jr., general partner of Velda Glen Townhomes LP. “Without the bond financing and HOME funding, the rents would need to be significantly higher – reducing their affordability. We look forward to offering these newly renovated townhomes in the Normandy School District beginning in the fall of 2026.”
The St. Louis County Department of Human Services Office of Community Development provided $350,000 in HOME Investment Partnerships Program (HOME) funding to support the rehabilitation. This investment helps preserve affordable rental homes for families and other vulnerable residents in Velda City, reinforcing the County’s commitment to expanding access to safe, quality and affordable housing.
“The rehabilitation of Velda Glen Townhomes reflects our ongoing commitment to preserving affordable housing and strengthening communities throughout St. Louis County,” said Kevin C. McKenna, acting director of the St. Louis County Department of Human Services. “By investing in projects like this through our HOME Program, we are helping ensure that families have access to safe, stable housing while supporting the long-term vitality of our neighborhoods.”
Additional financers of the project include the Missouri Housing Development Commission, First Bank and Sterling Bank.
Renovations of the townhomes began in June.