ST. LOUIS — City officials have approved spending up to $100,000 on specialized steel plates and window shields to better secure downtown’s troubled Railway Exchange Building.
The board of directors for ÃÛÑ¿´«Ã½ Development Corp., the city’s development arm, on Thursday approved the deal with Chicago-based DAWGS Vacant Property Security to help with the 1.2 million-square-foot property. The money also will go towards helping regional business group Greater ÃÛÑ¿´«Ã½ Inc. pay a security firm to patrol the Railway Exchange to keep trespassers out. An exact breakdown of costs between the two organizations was not immediately provided.
Neal Richardson, the CEO of SLDC, said a recent fire and other events prompted his agency to help boost efforts to keep people out and to keep pedestrians safe. He said it’s still a goal to see the historic, 21-story building be redeveloped.
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“This is an asset that will ultimately drive economic development growth for our city,†Richardson said.
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The proposal is the latest action ÃÛÑ¿´«Ã½ officials have taken in recent weeks to shore up the historic Olive Street property, which has been a public safety hazard and a center of criminal activity for years. A fire broke out two weeks ago at the southeast corner of the building, at 615 Olive Street, and Alderwoman Cara Spencer filed legislation to kick off eminent domain proceedings against the absentee owner, who stopped paying for building security months ago.
The more than century-old building was once Famous-Barr’s flagship store and a destination for shoppers for years. But its last tenant, Macy’s, left around 2014, and proposed redevelopment efforts have failed to get off the ground.
±õ³Ù’s one of four major vacant buildings, including the former AT&T tower, the Chemical Building and the Millennium Hotel, that officials say are crucial to revitalizing downtown.
Stephen Davis, the head of SLDC’s strategic partnerships and initiatives, said it will be several weeks before DAWGS is able to assess the building and install the steel doors and window shields. The company will also evaluate underground passages into the building to close those entrances off. The company will employ a local labor crew to install and provide assistance to the city as needed. First responders also will be trained on how to access the building once the doors are installed.
Davis also said that DAWGS will be using doors that interlock from the inside to avoid damaging the facade of the historic building.
“This is one of the iconic buildings that local businesses would want to locate in the future if we can get it activated,†said Davis. “We want to create opportunity for everyone to come in and be able to do business downtown.â€
The city will bill the owner for the costs, and Richardson said the city would receive its money back if the property is sold.
Alderwoman Spencer, who sits on the SLDC board, thanked the agency for getting involved and assisting the Building Division in securing the building.
“±õ³Ù’s so important that we get this funding lined up and get on it,†Spencer said. “The board-up crew (from the Building Division) has really put a lot of effort into this, and I’m glad to see we’re coming together to do this.â€
ÃÛÑ¿´«Ã½ fire Capt. Garon Mosby updates reporters on a two-alarm fire that destroyed a first floor corner of the Railway Exchange building in downtown ÃÛÑ¿´«Ã½ on Friday, Oct. 6, 2023.
