ST. LOUIS — A $60 million proposal to add an apartment project within the boundaries of the Cortex innovation district moved forward Tuesday after a city board signaled its intention to grant incentives.
Pennsylvania-based GMH Capital Partners is proposing to develop 262 market-rate apartments, 10,000 square feet of retail space and a 515-space parking garage at 235 S. Boyle Ave., within the boundaries of Cortex in Midtown. The apartments would wrap around the garage, which would be available for residents and commuters.
On Tuesday, the city of St. Louis' Land Clearance for Redevelopment Authority approved GMH’s request for sales tax exemption for construction materials, which will be facilitated through industrial revenue bonds up to $60 million.
The property GMH intends to develop is at the northwest corner of Boyle and Duncan avenues, near the original Cortex building, and is currently being used as a surface parking lot. The sales tax exemption is conditioned on whether GMH and Cortex can come to an agreement on terms of the project by Dec. 31, 2020. A Cortex spokesman declined to comment.
GMH intends to start construction in August and deliver the project by summer 2022. It’s not clear whether it has secured a general contractor for the build, but it has so far tapped Barton Partners as the architect, documents filed with the city of St. Louis show.
Monthly rental rates are projected to be about $1,800, or roughly $2.30 to $2.40 per square foot, according to John Giokas, partner at law firm Husch Blackwell, who spoke on behalf of the developer at the LCRA meeting. That figure would be in the ballpark of new construction rents in the Central West End submarket, where Cortex is located and which go for more than $2 per square foot, according to data provided by CBRE.
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