Tim Alexander, Senior Director, Business Research & Analysis | LinkedIn
Tim Alexander, Senior Director, Business Research & Analysis | LinkedIn
Greater St. Louis, Inc. (GSL) and the St. Louis Development Corporation (SLDC) presented a report to Mayor Tishaura Jones today, outlining their progress on addressing the future of two significant vacant properties in Downtown St. Louis: the Railway Exchange Building and the Millennium Hotel.
“In May of this year, Mayor Jones asked for a plan for bold action on two vacant properties that have been hurdles to Downtown St. Louis reaching its true potential: the Millennium Hotel and the Railway Exchange Building,” said Jason Hall, CEO of GSL. “But instead of just developing a plan, we’ve worked in partnership with the City, our investors, and Downtown partners and we’re already taking bold action to address the future of these properties and drive new investment Downtown.”
The report emphasized securing local control over both sites as a priority step towards redevelopment. A local entity has submitted an offer to purchase the Millennium Hotel, which has been agreed upon, with final transaction details pending announcement. For the Railway Exchange Building, an offer letter was sent by the City through the Land Clearance for Redevelopment Authority on August 20, 2024. If not accepted by September 20, 2024, the City plans to initiate eminent domain proceedings.
“In a short amount of time, GSL and SLDC have made remarkable progress toward reactivating these two prominently vacant and blighted Downtown properties,” SLDC’s President & CEO Neal Richardson stated. “While there is still more work to be done, having local ownership engaged in the future of Millennium Hotel and eventual City-control of Railway Exchange allows us to proactively find long-term development partners to advance community-driven plans that will remove blight and positively impact vibrancy in Downtown St. Louis.”
Since Mayor Jones' call for action on May 17, there has been significant movement in terms of investment and development in Downtown St. Louis. Over $330 million in new private investments have been announced within this period.
Among these investments are:
- The Wainwright Building: Arch to Park Equity Fund LLC has submitted an offer accepted by the State of Missouri.
- TierPoint: A $150 million investment for a new data center.
- Mansion House: A $169 million redevelopment project.
- 1128 Washington Avenue: A $15 million renovation project.
Additional initiatives aimed at revitalizing Downtown include construction projects like those on 7th Street slated to begin in early October, financial incentives for retail establishments through GSL and SLDC programs, events such as Downtown Summer Nights and Lunchtime Live driving foot traffic to key areas like Kiener Plaza and Old Post Office Plaza respectively.
HOK announced its commitment to locating its new headquarters in Downtown St. Louis while preparations are underway for this fall's return of Downtown Restaurant Week.
GSL and SLDC stressed that further strengthening public-private partnerships is crucial for continuing this momentum.
“The time is now to aspire to something greater," Hall said. "The private sector is stepping up to make major investments in Downtown and we’ve taken steps to address these two vacant buildings. Now let’s seize this opportunity to develop something that inspires all of us and delivers for Downtown, the City of St. Louis, and the entire metro.”
Media Contacts:
Greater St. Louis, Inc.: Tony Wyche | 314-398-9991 | Tony@GreaterSTLInc.com
St. Louis Development Corporation: Sara Freetly | 816-820-0916 | Sara@JustBeCandid.com
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