Midtown Developer Awarded Incentives for Apartment Project
Date Posted: September 27, 2019
Posted In: Projects,
From St. Louis Business Journal: Pier Property Group was awarded up to $900,000 in public incentives this week for its mixed-use project in Midtown.
On Tuesday, the city Land Clearance for Redevelopment Authority approved the issuance industrial revenue bonds for the developer’s Mill Creek Flats mixed-use project at 720-812 S. Theresa Ave. that consists of apartments and some commercial space.
The bonds will facilitate a sales tax exemption on construction materials sourced within city limits and will be repaid through lease revenue from the developer. The incentives will amount to about $800,000-$900,000.
Pier Property Group, led by Michael Hamburg, also is seeking tax abatement from the St. Louis Midtown Redevelopment Corp., which has master developer status for this site.
Construction on the roughly $27 million project is slated to start this fall and wrap up in late 2020 or early 2021.