ST. LOUIS — A developer’s $12 million plan to renovate two mostly vacant historic buildings on Laclede’s Landing into 33 apartments could receive tax incentives.
Developer Advantes Group plans 33 new downtown apartments in the Old Judge Building at 704-710 N. Second St., along with 14,750 square feet of retail, according to city filings.
The St. Louis-based developer, which is also proposing a $300 million mixed-use redevelopment of the former AT&T tower downtown, is acquiring the Old Judge properties for about $2 million and plans to renovate them for $10.25 million, city filings state.
City staff are recommending a 10-year property tax abatement of 75% of the assessed value of incremental improvements.
The board of the city's Land Clearance for Redevelopment Authority on Tuesday is scheduled to weigh whether to recommend the tax incentives to the Board of Aldermen, which has authority to approve them.
The developer will use private funds and historic tax credits to complete the financing for the project, according to city documents.
The ground floor of 704-708 Second St. is occupied by Mas Tequila Cantina restaurant, while 710 Second St. houses The Lou Eats & Drinks, formerly Joey B’s.
Rents will be between 60% of the average median income, $1,068, and 80% AMI, $1,425, according to city documents.
Click here to read the full story from the St. Louis Business Journal.
To watch 5 On Your Side broadcasts or reports 24/7, 5 On Your Side is always streaming on 5+. Download for free on Roku or Amazon Fire TV.
