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Saint Louis Construction & Housing News Focusing on new construction & redevelopments within the Metropolitan Saint Louis Area...  www.slfp.com St. Louis Front Page P. O. Box 1354 St. Louis, MO 63188 http://www.slfp.com Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com |
By Betty Moore, SLFP.com ST. LOUIS, (SLFP.com), June 2, 2010 - The sounds from demolition crews working to bring down the skybridge connecting the former Dillard's Department Store and the vacant St. Louis Centre Shopping Mall echoed through the downtown streets near the America's Center. The skeleton of the skybridge was a welcome sight for city leaders and developers who joined Missouri Governor Jay Nixon, St. Louis Mayor Francis G. Slay and Kitty Ratcliffe, President of the St. Louis Convention and Visitor's Commission in the lobby of The Laurel, the 630,000-square-foot former Dillard's Department Store in downtown. Mayor Slay thanked Governor Nixon for his leadership and support for downtown St. Louis. "Without his decision to invest in downtown St. Louis, these buildings would remain terrible eyesores for years, even decades to come," stated the Mayor. "The 1,600 people who will be put to work rebuilding these structures would remain unemployed. The businesses and the workers who are going to fill these buildings might leave downtown. Instead, we are about to embark on one of the biggest construction booms ever in downtown St. Louis," stated Mayor Slay, as the sound of debris hitting the pavement rumbled throughout the Lobby. With arms extended, the Mayor enthusiastically concluded, "By the end of the summer, we expect to have more than half a billion dollars in construction going on in downtown St. Louis. That is even more remarkable when you consider we are still in the middle of a recession." In an interview following the press conference, Governor Nixon said he was honored to help make these development projects possible. "We were able to get the gap financing to make these four projects a reality: $352 million in development, 1,600 construction jobs and 2,000 permanent jobs. This will help jump start the economy and rebuild the City of St. Louis. This is a very positive day for this region," Nixon emphasized. "This is also a real template of public and private partnerships. In challenging economy times, doing big strong plays like this requires cooperation and coordination between the state, the city and private investors. There are a lot of people around this country who are standing still. We are continuing to move forward," the Governor stated, looking out at the workers bringing down the skybridge. The connecting structure has long been considered an eyesore and impediment to development along Washington Avenue near the St. Louis Convention Center. Kitty Ratcliffe said that visitors coming in for conventions at the America Center will see revitalized building that have been completely redone. "The skybridge coming down was an essential piece to the project. It led people to believe that our city was unsafe and unclean. This will give them an entirely different impression of St. Louis and that will help us book more business," stated Ratcliffe. "I think it will have a huge economic impact on our community." State of Missouri Investment in Downtown St. Louis is more than $89 million including: The Laurel, former Dillards Department Store, located at 601 Washington Ave., will be converted to residential units, Embassy Suites Hotel, retail and garage. The 630,000 square-foot project will receive $25.9 million in state historic tax credits and $5.1 million in Missouri Brownfield Remediation tax credits. About 750 construction jobs will be created and and estimated 200 permanent jobs will be created or saved. Park Pacific Apartments, former Union Pacific Railroad Building, located at 210 N. 13th Street, will be converted to residential units, retail space, office space and parking. The 492,000 square-foot project will receive $17.5 million in state historic tax credits and $5.1 million in Missouri Brownfield Remediation tax credits. About 470 construction jobs will be created and and estimated 340 permanent jobs will be created or saved. The former St. Louis Centre shopping mall, located at 515 N. 6th Street, will be converted into parking garage and retail space. The 540,000 square-foot project will receive $9 million in Recovery Zone Facility Bonds, issued by the Missouri Development Finance Board (MDFB), $5 million in equity investment from MDFB, and $5 million in MDFB infrastructure credits (leveraged by a contribution from US Bank). About 200 construction jobs will be created and and estimated 400 permanent jobs will be created or saved. The office space at the 600 Washington building, located at 515 N. 6th Street, will be upgraded with enhanced mechanical, electric and fire protection systems; upgraded lobby and façade. The 375,000 square-foot building will receive $17 million in Recovery Zone Facility Bond authority. About 200 construction jobs will be created and and estimated 1,000 permanent jobs will be created or saved. Archived Pages: AFL-CIO to Bankroll Historic Laurel Redevelopment Construction Begins on Kirkwood Senior Living Facility St. Louis Cardinals Plan Softball Field on Site of Proposed Ballpark Village Ballpark Village On the Horizon for Downtown St. Louis Proposed Ballpark Village Development Could Transform St. Louis Downtown Into the Center of Universe Redevelopment of the Former 14th Street Pedestrian Mall Receives Critical Financing  
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