ST. LOUIS 鈥 Developers looking to spend $82 million to transform downtown鈥檚 vacant Chemical Building into a hotel are looking for tax incentives this week from the city.
The 127-year-old historic building at Eighth and Olive streets is slated to become a dual-branded Marriott hotel with 240 rooms, according to documents filed with the city鈥檚 Land Clearance for Redevelopment Authority.
Steph Kukuljan and other business reporters bring you insights into 狐狸视频-area real estate and development.
The developers 鈥 Beechwood Pinnacle Hotels of Little Rock, Arkansas; InterMountain Management of Monroe, Louisiana; and John Campo of Campo Architects of New Orleans 鈥 are seeking 10 years of tax abatement worth $4.9 million for the project. LCRA could also approve up to $85 million in bonds at its meeting on Tuesday, documents show.
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The Chemical Building has been slated for redevelopment for years. Restoration 狐狸视频 planned to turn it into an extension of its historic redevelopment of Hotel 狐狸视频, next door to the Chemical site. But its plans stalled during the pandemic. Prior to that, a New York developer wanted to build 鈥渕icro apartments鈥 at the property, at 777 Olive Street.
Kessler-Mroz Jewelry, which occupied a ground-floor retail space there for years, closed earlier this year.
Staff for LCRA said that the property is expected to generate $147,000 in annual taxes with the incentive, up from the roughly $75,000 in taxes currently collected.
Over a 10-year period, the city is slated to net $1.9 million and 狐狸视频 Public Schools $1.4 million.
LCRA will review the project at its 1:30 p.m. Wednesday.