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Aims to activate commercial street-level retail in Downtown St. Louis
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Gives developers incentive to fill vacant commercial space
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Guarantees commercial space revenue for property owners
The Retail Rent Guarantee Program is an initiative of Greater St. Louis, Inc., with support from the St. Louis Development Corporation. The program will pay landlords rent for up to one year for non-performing tenants under certain conditions, thereby reducing landlord risk while encouraging leases to tenants that bring the greatest value to Downtown.
How To Qualify
These incentives can be used strategically in key corridors and retail nodes in Downtown St. Louis to implement the recommendations of the Design Downtown STL Plan. Exceptions may be considered for high-impact projects and strategic priorities.
Retail rent guarantee is designed for:
- Tenants interested in ground-floor retail bays with prominent street frontage
- A new business locating within Downtown St. Louis
- An existing business relocating from outside Downtown
- An existing business opening an additional location Downtown
The program is not designed for:
- Existing businesses within Downtown who wish to change locations or update their existing locations
- Office tenants and similar non-retail uses
- Tenants not located on the ground-floor with prominent street frontage
Eligibility
The application window is open from April 2, 2024 – Aug. 31, 2024, or until all resources are exhausted. The Rent Guarantee is designed for tenants who will sign a lease with a minimum term of 12 months to occupy ground-floor space. Applicants must apply for, and receive approval of, the Rent Guarantee, prior to signing their lease.
A holistic approach will be used to evaluate eligibility and fit for the Program. Priority criteria include the type of business, anticipated impact on the Downtown retail scene, and the location. The risk profile and history of the landlord and/or tenant will also be considered when awarding the rent guarantee. Businesses that have a demonstrated history of driving foot traffic will be preferred.
Target Areas
Top Priority: Apparel, Bakery, Bookstore, Coffee Shop, Tea Shop, Florist, Gift Store, Ice Cream Parlor, Jewelry Store, Pharmacy, Restaurant, Shoe Store, Tailor
Medium Priority: Art Gallery, Art Supplies, Barber Shop, Hair Salon, Electronics, Grocery Store, Gym, Fitness Center, Laundry, Dry Cleaner, Medical Offices, Office Supplies, Record Shop, Sporting Goods, Toy Store
Low Priority: Other Types of Businesses
How to Apply
Interested property owners should send an introductory email to Clayton Geenen at Greater St. Louis, Inc., (clayton@greaterstlinc.com).
Please include the following information:
- Property address
- Proposed retail tenant and the value they would bring to Downtown
- Proposed lease terms
- Explain why a rent backstop is needed to get this business Downtown
- Include recent photograph(s) showing the interior and exterior of the space.
