ST. LOUIS — A ÃÛÑ¿´«Ã½ development board on Tuesday gave initial approval for 20 years of tax abatement to support an eventual redevelopment of the Millennium Hotel.
The incentive offers a carrot to prospective developers and signals that ÃÛÑ¿´«Ã½ is anxious to help revitalize the vacant, former hotel just a few blocks from Ballpark Village.
This week, the Gateway Arch Park Foundation announced it has the Millennium, at 200 South Fourth Street, under contract to buy from its Asia-based owner. The nonprofit, which helps support the Arch grounds, said it had no initial plan for the property.
Steph Kukuljan and other business reporters bring you insights into ÃÛÑ¿´«Ã½-area real estate and development.
The ÃÛÑ¿´«Ã½ Development Corp., the city’s economic development arm, first floated the idea of tax abatement in the spring when it publicized plans to sue for eminent domain. The Millennial’s owner agreed to put the hotel, which has been closed for 10 years, on the market instead of losing it through court proceedings.
People are also reading…
On Tuesday, SLDC told the Land Clearance for Redevelopment Authority board that the agency is looking for developers who could redo the building. The tax abatement could help sweeten the deal.
The LCRA board agreed to the incentive, which will need final approval from the Board of Alderman. Board member Sean Spencer was the lone vote against the incentive because he wanted a provision in the deal that prohibited demolition.
SLDC staff said they preferred to have all options on the table for prospective developers.
The Gateway Arch Foundation executive director Ryan McClure said the group doesn't have any plans yet for the former Millennium Hotel, but wanted it under local ownership so the area is developed to fit the city's needs. Video by Allie Schallert, aschallert@post-dispatch.com
