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Key Takeaways
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SLDC & GSL respond to Mayor Jones’ call to develop a “plan for bold action” on Downtown
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Partnership between City and business community already driving positive change on two major vacant properties: the Millennium Hotel and Railway Exchange Building
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GSL-coordinated patient capital real estate fund to purchase landmark Wainwright Building
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More than $330 million in new, private investment in Downtown announced in past 120 days
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Partnership will continue collaboration to make Downtown “Safe, Vibrant, and Beautiful”
ST. LOUIS – Greater St. Louis, Inc. and the St. Louis Development Corporation today delivered to St. Louis Mayor Tishaura Jones the report she requested on May 17 of this year for a “plan for bold action” in the ensuing 120 days to address the future of two large vacant Downtown properties: the Railway Exchange Building and the Millennium Hotel.
“In May of this year, Mayor Jones asked for a plan for bold action on two vacant properties that have been hurdles to Downtown St. Louis reaching its true potential: the Millennium Hotel and the Railway Exchange Building,” said Jason Hall, CEO of GSL. “But instead of just developing a plan, we’ve worked in partnership with the City, our investors, and Downtown partners and we’re already taking bold action to address the future of these properties and drive new investment Downtown.”
Securing Local Control of Sites a Priority
In their report to Mayor Jones on the two major vacant properties, GSL and SLDC noted that one of the imperative steps was securing control of both sites so that they are in the hands of local owners who will keep them secure and advance plans for redevelopment that will benefit St. Louis. Local site control of both properties is already being addressed:
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Millennium Hotel. A local entity submitted an offer to purchase the Millennium Hotel, and that offer has been agreed to. The parties are finalizing details of the transaction, to be announced at a later date.
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Railway Exchange Building. On August 20, 2024, the City – through the Land Clearance for Redevelopment Authority – sent an offer letter to the property owners of the Railway Exchange Building and Block 129, the city block immediately south of the Railway Exchange, to purchase the property. Should the property owner not accept the City’s offer by September 20, 2024, the City intends to file a petition through the eminent domain process to take possession of the building, bringing it under local control.
“In a short amount of time, GSL and SLDC have made remarkable progress toward reactivating these two prominently vacant and blighted Downtown properties,” SLDC’s President & CEO, Neal Richardson said. “While there is still more work to be done, having local ownership engaged in the future of Millennium Hotel and eventual City-control of Railway Exchange allows us to proactively find long-term development partners to advance community driven plans that will remove blight and positively impact the vibrancy in Downtown St. Louis.”
Partnership Driving Change, Investment
The May 17 press conference at which Mayor Jones called on SLDC and GSL to develop a plan for Railway Exchange and the Millennium helped catalyze action and raise awareness of the need for the public, private, and philanthropic sectors to come together to focus on critical challenges facing Downtown St. Louis.
“Over the past 120 days, this public-private partnership has driven more action in Downtown St. Louis than has taken place in years, and we are excited to continue collaborating with the City to ensure that the momentum Downtown continues,” added Hall.
In addition to the steps taken on the Millennium Hotel and Railway Exchange, the private sector has announced major new investments Downtown since May 17 totaling over $330 million, including:
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Wainwright Building. Arch to Park Equity Fund LLC, a patient capital real estate fund that GSL coordinates, has submitted an offer for the historic Wainwright Building to the State of Missouri. The State has accepted that offer. Customary diligence and negotiations are underway prior to closing.
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TierPoint. TierPoint is investing $150 million to develop a new data center in the 2300 block of Locust.
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Mansion House. A $169 million investment will redevelop the Mansion House on the Riverfront.
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1128 Washington Avenue. A $15 million renovation of 1128 Washington Avenue.
Additional Steps to Revitalize Downtown
In addition to developing plans for Railway Exchange and the Millennium Hotel, the City and GSL have actively worked on several fronts since May 17 to make Downtown St. Louis safe, vibrant, and beautiful:
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7th Street. The project, slated to begin construction in early October, will connect Ballpark Village and the America’s Center with new sidewalks, trees, lighting, bike lanes, and opportunities for new retail.
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Retail Incentive Program. The GSL and SLDC program providing financial incentives to attract street-level retail establishments to Downtown has announced a handful of businesses that have already used the incentives to open or expand their establishments, with others expected to be announced soon.
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Downtown Summer Nights. This weekly happy hour brought thousands of people to Kiener Plaza on Thursday evenings over the summer, increasing vibrancy and foot traffic in the heart of Downtown.
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Lunchtime Live. The weekly lunchtime event on Wednesdays featuring live music and food trucks continues to drive foot traffic to Old Post Office Plaza.
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HOK. Global design, architecture, engineering, and planning firm HOK announced that it is committing to Downtown for the location of its new headquarters.
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Downtown Restaurant Week. DRW returns this fall with dates to be announced soon.
Strengthen Public-Private Partnership & Think Big
To advance the changes that need to happen to make Downtown the world-class neighborhood at the heart of the St. Louis metro, SLDC and GSL said that strengthening even further the public-private partnership between the City and the business community, along with other Downtown stakeholders and philanthropic partners, was of utmost importance. They also stressed the importance of thinking big about Downtown’s future.
“The time is now to aspire to something greater. The private sector is stepping up to make major investments in Downtown and we’ve taken steps to address these two vacant buildings,” said Hall. “Now, let’s seize this opportunity to develop something that inspires all of us and delivers for Downtown, the City of St. Louis, and the entire metro.”
Media Contacts
Greater St. Louis, Inc.: Tony Wyche | 314-398-9991 | Tony@GreaterSTLInc.com
St. Louis Development Corporation: Sara Freetly | 816-820-0916 | Sara@JustBeCandid.com