June 2, 2010
State incentives close critical financing gap for projects that will create 1,600 construction jobs; create or save nearly 2,000 permanent jobs in downtown St. Louis
Gov. Nixon details state economic incentives to redevelop, revitalize downtown St. Louis
ST. LOUIS, Mo. – Gov. Jay Nixon today visited downtown St. Louis to tour and detail the state’s investment in several redevelopment projects that will create about 1,600 construction jobs and create or save nearly 2,000 permanent jobs in the heart of the city.
“Redeveloping and revitalizing downtown St. Louis always has been – and always will be – a top priority for the state,” Gov. Nixon said during remarks at the Laurel, the 630,000-square-foot former Dillard’s Department Store in downtown. “St. Louis is a vital pillar of Missouri’s economy, and a vibrant downtown is critical for a vibrant St. Louis. Today, we’re celebrating the historic, and monumental, growth we can accomplish when public and private partners work together.”
Joined by St. Louis Mayor Francis Slay, the Governor detailed state economic tools that were used to facilitate redevelopment at four key downtown locations: the Laurel (former Dillard’s Department Store at 601 Washington); Park Pacific Apartments (former Union Pacific Railroad building at 210 N. 13th St.); 600 Washington (formerly One City Centre, at 515 N. 6th St.); and the St. Louis Centre (a former shopping mall on the same property as 600 Washington).
“Because of a coordinated and cooperative partnership between the state, the city and private investors, these vacant facilities are coming back to life, and hardworking Missourians are back on the job,” Gov. Nixon said. “I am pleased my administration was able to step forward with critical financing to help make these development projects possible, and I look forward to watching the revitalization of downtown St. Louis unfold in the years to come.”
The state’s total investment in these projects is more than $89 million. These strategic incentives made possible the overall investment of more than $352 million in downtown St. Louis.
For details on the specific projects, please consult the factsheet below.
State of Missouri Investment in Downtown St. Louis
The Laurel
Address:
601 Washington Ave.
St. Louis, MO
Former use: Dillard’s Department Store
Redeveloped use: Residential units; Embassy Suites Hotel; retail and garage
Size: 630,000 square feet
State investment:
$25.9 million in state historic tax credits
$5.1 million in Missouri Brownfield Remediation tax credits
Estimated construction jobs created: About 750
Estimated permanent jobs created or saved: About 200
Park Pacific Apartments
Address:
210 N. 13th Street
St. Louis, MO 63103
Former use: Union Pacific Railroad Building
Redeveloped use: Residential units, retail space, office space and parking
Size: 492,000 square feet
State investment:
$17.5 million in state historic tax credits
$5.1 million in Missouri Brownfield Remediation tax credits
Estimated construction jobs created: About 470
Estimated permanent jobs created or saved: About 340
St. Louis Centre
Address:
515 N. 6th Street
St. Louis, MO 63101
Former use: Shopping mall
Redeveloped use: Parking garage and retail space
Size: 540,000 square feet
State investment:
$9 million in Recovery Zone Facility Bonds, issued by the Missouri Development Finance Board (MDFB)
$5 million in equity investment from MDFB
$5 million in MDFB infrastructure credits (leveraged by a contribution from US Bank)
Estimated construction jobs created: About 200
Estimated permanent jobs created or saved: About 400
600 Washington
Address:
515 N. 6th Street
St. Louis, MO 63101
Former use: Office space
Redeveloped use: Upgraded office space with enhanced mechanical, electric and fire protection systems; upgraded lobby and façade
Size: 375,000 square feet
State investment:
$17 million in Recovery Zone Facility Bond authority
Estimated construction jobs created: About 200
Estimated permanent jobs created or saved: About 1,000