A St. Louis nonprofit is under contract to purchase a staple of the St. Louis skyline that has remained vacant for a decade.
A pending deal to purchase the former Millennium Hotel was first announced last week; officials stayed quiet on the prospective buyer, but sources familiar with the matter disclosed to the St. Louis Business Journal that it was the Gateway Arch Park Foundation.
That was confirmed Wednesday as the foundation announced its plans to purchase and redevelop the property, located at 200 S. 4th St. in downtown St. Louis, in order to "ensure the area is active and vibrant, building on current momentum."
“The Foundation sees tremendous potential in revitalizing the Millennium site,” said Ryan McClure, the foundation's executive director, in a written statement. “This project perfectly aligns with our mission to better connect Gateway Arch National Park and its surroundings to the rest of Downtown and nurture an experience that is vibrant, accessible, and memorable for both residents and our many visitors from around the world.”
The foundation said it will work with the city, the St. Louis Development Corporation and Greater St. Louis Inc. on a redevelopment plan.
The 28-story hotel, which housed a revolving restaurant on its top floor, has sat empty since 2014.
Jason Hall, CEO of Greater St. Louis Inc., cited confidence in the foundation based on its prior success in collaborating to transform the Gateway Arch National Park, the Riverfront and Kiener Plaza.
"With Downtown and the urban core a special focus in our GSL mission, our two organizations have increasingly worked together to pursue shared goals. The foundational trust had been built to work together on this unique and complex project to acquire and reposition the Millennium Hotel site,” Hall said in a statement. “Downtown is experiencing new momentum, and this bold partnership between our two organizations and the City of St. Louis is another big step forward at solving our biggest Downtown challenges together.”
A press conference regarding the purchase was planned for 10 a.m. Friday. Further details on the project would be released as it progresses, the foundation said.
