$42M Cortex Project Seeks Sales Tax Incentive
Date Posted: October 10, 2024
Posted In: Projects,
From St. Louis Business Journal: A $42 million apartment project in the Cortex innovation district is seeking a sales tax exemption from the city of St. Louis.
Legislation introduced Friday by 9th Ward Alderman Michael Browning would provide the project’s developer, Keeley Properties, with a sales and use tax exemption on construction materials. The exemption, if approved, would be facilitated through an industrial development bond transaction. The Board of Aldermen’s Housing, Urban Development and Zoning Committee is to consider the legislation Tuesday.
The incentive, if approved, would exempt the developer from $870,656 in taxes, according to a city analysis.
Keeley’s project would add a seven-story, 145,000-square-foot building, with 173 apartments and 2,000 square feet of commercial space. It would be located on currently vacant lot at 4112 Clayton Ave., at the intersection of Clayton Avenue and South Sarah Street.
Keeley and Cortex did not respond to requests for comment regarding the proposed project.
Keeley in 2021 shared plans for a $99 million, three-building development with residential, office and retail planned at the 3-acre site. Keeley in March 2023 sought a building permit for the development site, but the permit wasn’t issued. A Cortex spokesperson last year said the developer was “working through some potential design modifications and alternate financing mechanisms.”