Apartment Project at Cortex Revived by St. Louis Developer
Date Posted: October 10, 2024
Posted In: Projects,
From St. Louis Post-Dispatch: A long-delayed project to build apartments in the Cortex technology district appears back on track, according to a new proposed bill.
Keeley Properties has proposed to build 173 apartments at the southwest corner of Clayton Avenue and South Sarah Street in the Central West End — a project first pitched in 2021 but delayed for months as city political leaders sought to renegotiate incentives.
Board Bill 108, sponsored by Alderman Michael Browning of Forest Park Southeast, calls for a sales tax exemption on construction materials, a value estimated at $870,656, for the $42 million seven-story building. Seventeen apartments will be reserved as affordable housing for at least 10 years once the apartments are open.
Keeley Properties is not seeking other incentives from the city, though it could receive subsidies as part of the Cortex tax increment financing district, documents show.