ST. LOUIS — The $300 million plan to redevelop the AT&T tower in downtown St. Louis into apartments and commercial uses could get another official nod from the city Wednesday, in addition to another incentive for construction.
City staff is recommending that the city’s urban renewal board, the Land Clearance for Redevelopment Authority, officially designate Beacon on Chestnut LLC as the developer for the 44-story tower at 909 Chestnut St. at a meeting Wednesday.
After the Board of Aldermen previously granted property tax incentives for the project in February, the LCRA could also give preliminary approval to the developer for a sales tax exemption on construction materials, which would save the developer an undisclosed amount on construction costs. The city will issue industrial revenue bonds up to $330 million to cover the project.
