ST. LOUIS — St. Louis city's Land Clearance for Redevelopment Authority has approved a public incentives package for a $34 million downtown apartment development.
Approved at Tuesday's meeting were industrial revenue bonds up to $35 million to facilitate a sales tax exemption for the developer, Opus Group. The project, located at 1014 Spruce St., also will receive 10 years of tax abatement, approved by the city's board of aldermen Feb. 5. The bonds do not need to go before the BOA.
A company representative told the LCRA board that Opus Group is currently underway with due diligence of the downtown property.
Minneapolis-based Opus Group, which has a Clayton office, plans to transform the Spruce Street vacant lot into 146 market-rate apartments, 3,000 square feet of commercial space and 55 parking spots, according to city documents. The lot, about two blocks from Busch Stadium, is currently owned by the city's treasurer, which reportedly will sell it to Opus Group for $2.5 million, documents show. The property is currently assessed for $264,000.
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