ST. LOUIS — The primary lender to the owner of the Railway Exchange Building in downtown St. Louis did not accept a bid in its attempt to auction the note, according to people familiar with the process.
The auction, which ended Wednesday, was seen as key because a new holder of the note could have moved to foreclose on the building's current owner, Hudson Holdings, giving the 1.2 million-square-foot structure, at 615 Olive St., a new owner.
The building, along with the Millennium Hotel, is among the last giant, vacant downtown properties that lacks even a preliminary redevelopment plan.
New York-based Gamma Real Estate Capital had sought to auction its Hudson loan, but did not accept a bid Wednesday, said Amos Harris, a longtime downtown developer who has been providing security at Railway for Hudson and has studied the property for a client, Good Developments Group, that's interested in redevelopment.
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