ST. LOUIS — The city of St. Louis is one step closer to claiming a vacant property in Downtown.
Friday, the St. Louis Development Corporation, which is a city department, announced that a judge allowed its Land Clearance for Redevelopment Authority (LCRA) to condemn and take possession of the Railway Exchange Building and adjacent parking garage through eminent domain.
The Railway Exchange Building encompasses two city blocks on Locust, North 6th, Pine and North 7th Streets. According to the St. Louis Business Journal, the 22-story property has been vacant since 2014 and is currently owned by Florida-based business Hudson Holdings.
LCRA said the next step is a hearing with a judge and commissioners to determine the value of the property.
It said appraisers selected by LCRA set the price for $5.3 million, and that LCRA will ask to purchase the property at the current appraised price.
LCRA said the next court date is pending, but it is hopeful to receive final determination of value before the end of the year and aims to pay that value and take possession of the property shortly after.
