As renovations continue in Kiener Plaza, more good news is coming to the same block in Downtown St. Louis.
A group of local civic organizations have united to purchase the Kiener East and West garages, located at 500 Pine and 604 Pine streets, respectively, according to a press release issued Thursday.
Arch to Park Equity Fund closed on the properties on Friday, July 31, working in partnership with investment partners including the Berges Family Foundation and Gateway Arch Park Foundation. The announcement shares plans to upgrade and beautify structures, improve garage operations, address security needs, and invest in attracting new ground-level retail.
“We focus on catalytic projects that can transform our urban core and serve as connections that help de-risk additional investment from other sources,” said Dustin Allison, CEO of Arch to Park Equity Fund, in the release. “These garages aren’t just places to house cars, they serve as a critical bridge that connects major Downtown developments like Ballpark Village and Kiener Plaza itself with the business district, the Arch grounds, America’s Center, and Washington Avenue. Enhancing these structures will bring vibrancy and foot traffic and will strengthen public safety nearby. More importantly, this development will send a signal to other investors that positive change is on the way and that they should get on board with the momentum building Downtown.”
The news comes less than a week after the groundbreaking of Rollick, a $24 million mixed-use development in Downtown West, and as redevelopment is underway at Kiener Plaza and nearby at the Millennium Hotel site as well as the Mansion House apartments.
“There is a growing coalition of people and organizations who understand that Downtown belongs to all of us, that its success benefits the entire region, and that its future will be determined by what we are willing to build together,” said Ron Kitchens, Managing Partner of Greater St. Louis, Inc. “Investments into spaces like the Kiener Plaza garages work toward that vision that we all share: a vibrant, thriving, and safe Downtown. This is a great day for St. Louis. We applaud the Arch to Park Equity Fund for their investment, which will complement the work already underway to improve Kiener Plaza by Gateway Arch Park Foundation, the City of St. Louis, and Great Rivers Greenway.”
Last week, Steve Smith, CEO of New + Found, which is redeveloping Mansion House, announced a $15 million investment fund to support development in the city, leveraging as much as $300 million in development across the central corridor. Smith said New + Found’s fund will complement the work of investment organizations like Arch to Park Equity Fund.
“On behalf of the investment group, I want to thank Steve Smith of New + Found for his work that helped us see what could be possible here and for his efforts to negotiate this opportunity with the seller of the garages,” Allison said in the release. “Steve’s work and commitment to Downtown and the urban core of St. Louis are a key reason we are seeing such a resurgence in St. Louis right now.”
After a transition period, St. Louis Parking is expected to manage parking operations at the Kiener Plaza garages, according to the release.
“Revitalizing the Kiener parking garages is another opportunity to flip the narrative for our amazing city,” said Ryan McClure, executive director of Gateway Arch Park Foundation, in the release. “If we work together to create a strong visitor experience in this area, visitors, including the more than 2 million that visit Gateway Arch National Park, will leave with a positive impression of St. Louis. That’s a win for all of us. If the areas around our hometown national park thrive, the park can reach its full potential.”
