The city of St. Louis has begun to advance a slate of subsidies that could be granted to the $325 million entertainment, restaurant and retail complex proposed along the Mississippi River in north St. Louis.
The 67.5-acre Lighthouse Point project at 11000 Riverview Drive, on the border of St. Louis County, is still in the concept stages after the St. Louis Port Authority voted last month to enter into a preliminary agreement with the developer, M3 Development Partners of Nashville, Tennessee. Constructed at the site of the former North Shore Golf Course, the project could feature a marina, water park, 35,000-square-foot conference center, 375 hotel rooms, 30,000 square feet of retail and, possibly, 50 condominiums, among other attractions, according to the developer’s preliminary plans. M3 said last month that it would soon complete a master plan, and could start on infrastructure work by the second quarter of 2023.
The alderwoman who represents the site, Lisa Middlebrook, recently filed a series of bills that could grant the project tax subsidies.
Under the plan, Lighthouse Point would receive 15 total years of property tax abatement, starting with five years at 90% of the assessed value of incremental improvements, followed by five years at 75% and another five years at 50%. The city's Port Authority would get final say on abatements. The project would also receive a sales tax exemption on construction materials. The bill dealing with those subsidies was introduced Sept. 30 and assigned to the Board of Aldermen's Transportation and Commerce Committee.
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