ST. LOUIS — The city's Land Clearance for Redevelopment Authority moved forward a $10 million redevelopment plan for an office project in The Hill neighborhood.
No tenants have signed on for Third Man Development's renovation of 4914 Daggett Ave., a two-story building that provides 48,000 square feet of office space, representatives for the developer said Tuesday. The plan calls for 10 years of tax abatement.
The plan, which must still receive approval from the city's Board of Aldermen, comes as the St. Louis office market is grappling with a decline in interest due to COVID-19.
In 2020, vacant sublease space grew 50% and caused overall office vacancy to grow to 14.9%. The supply of office space trailed demand for the first time since 2018 and the second time in the past five years as leasing was about a third of what it was the past three years, according to research from commercial real estate firm JLL.
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