ST. LOUIS — The proposal for a $300 million “vertical city” mixed-use redevelopment of the former AT&T tower comes from a local developer, who is asking for city tax incentives.
St. Louis-based Advantes Group is listed as the developer in city documents for The Beacon on Chestnut, a project that would transform the largest vacant skyscraper in downtown St. Louis into 306 apartments, 300 hotel rooms, nearly 300,000 square feet of office space and 37,000 square feet of retail, with modern amenities for use by tenants.
The 1.4 million-square-foot office complex at 909 Chestnut St., the state's largest office building, has been vacant since its sole tenant AT&T exited for a building next door in 2017. Opened in 1986, it was added to the National Register of Historic Places in late September based on a nomination that argued its significance as an example of postmodern design.
The St. Louis Land Clearance for Redevelopment Authority will meet Tuesday to weigh whether to recommend property tax abatement for the conversion of the vacant building at up to 15 years of 95% of the assessed value of the incremental increments, followed by five years at 75% of the incremental assessed value and then five years at 50%. Those amounts are recommended by city staff.
The current assessed value of the property is $2.08 million, according to meeting documents. New York-based owner SomeraRoad bought the tower in April for $4.05 million, a more than 98% drop in value from AT&T's original sale of the building for $204 million in 2006.
Opened in 1986 as the headquarters of Southwestern Bell, which later acquired AT&T and assumed its name, the building offers more than a million square feet of vacant office space at a time when demand for downtown office space has decreased as many companies are downsizing to smaller, upgraded office space with more amenities for employees.
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