ST. LOUIS — Two proposed projects moved forward Tuesday after a St. Louis development board signed off on tax incentives.
The board of the Land Clearance for Redevelopment Authority, which handles tax incentives for the city of St. Louis, approved bonds for sales tax exemptions on construction materials for a $1.2 billion project to remake the area just south of the Gateway Arch, and also on a dual-branded hotel project in Midtown.
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The riverfront project, Gateway South, is a multiphase development that aims to create a mixed-use district with residential, office and industrial space for the construction industry.
The project, which the New York-based developer, Good Developments Group, said will take a decade to complete, is situated across 95 acres just south of the Arch grounds in an area known as Chouteau’s Landing.
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The LCRA will issue up to $155 million bonds for sales tax exemptions on construction materials for the project’s first phase, which entails the renovation of the Crunden-Martin complex that will serve as the “heartbeat of the district,” said Mike Fletcher of Good Developments Group.
The project has already received a slew of incentives from local and state entities, including tax abatement and Brownfield credits.
A timeline for phase one was not immediately available.
Also on Tuesday, the board approved issuing up to $126 million in bonds for sales exemptions on construction materials for Midas Hospitality’s two higher-end hotels at Jefferson Avenue and Market Street.
Maryland Heights-based Midas demolished two office buildings that were once part of the Wells Fargo campus to make way for the Kimpton Hotels & Restaurants and extended-stay Staybridge Suites. The project is expected to add over 300 hotel rooms to the area.
The hotels are expected to open in 2026.
View life in St. Louis through the Post-Dispatch photographers' lenses. Edited by Jenna Jones.