University City Receives $3 Million For Third Ward Improvements

From the City of University City:

April 1, 2021

The City of University City announced that property for the Costco phase of the Markets at Olive development was transferred on March 31 to Costco Wholesale. As a result of the purchase, the city has received $3 million which is earmarked for improving the Third Ward.

“For too long home values in the Third Ward have trailed the rest of our community. This injection of funds will enable us to begin the process of addressing this gap,” said Mayor Terry Crow.

The $3 million represents the first part of $10 million total that the Mayor and Council is allocating to improving the Third Ward. The $10 million is being generated from the Markets at Olive development revenues.

“Greater capital investment is needed in the Third Ward that would be a stimulus for owner-occupied homes to be renovated and provide renters a path to home ownership,” said City Manager Gregory Rose. “I will be recommending that the Mayor and Council consider creating a Task Force to work with staff in identifying the components and priorities of a housing program.”

This press release was produced by the City of University City. The views expressed here are the author’s own.