ST. LOUIS — Incentives for a massive $1.2 billion redevelopment along the riverfront downtown took a step forward Tuesday.
The Gateway South redevelopment area, comprising 100 acres in three city neighborhoods, could receive 15 years of property tax abatement under a plan recommended Tuesday by the St. Louis Land Clearance for Redevelopment Authority.
The resolution approved by the city urban renewal board officially declares as blighted the planned Gateway South sites spanning downtown and the Kosciusko and La Salle Park neighborhoods. Tax abatement is suggested at 10 years at 90% of the assessed value of incremental improvements, plus five years at 50%. The Board of Aldermen would have final say over the abatements.
Properties in the redevelopment area are both occupied and unoccupied, the city said. It described them as "poor, fair and vacant lots."
The Gateway South project is expected to see multiple commercial, industrial and residential projects developed, including the renovation of “numerous” commercial and industrial buildings and the construction of new buildings, according to city filings.
The acreage included in the redevelopment plan is more than the 80 acres that Gateway South developer Good Developments Group, led by CEO Greg Gleicher, proposed in its first presentation to the city in August. Gleicher, a Washington University graduate, wants to revitalize the riverfront with a construction innovation district.
The St. Louis Port Authority in August voted to approve a preliminary development agreement in which the developer was to pay $25,000 for bond counsel and other experts to vet the plan's financial feasibility.
Click here for the full story from the St. Louis Business Journal.
