More than $71M in Subsidies Sought for Mixed-Use Project Near SLU
Date Posted: February 11, 2020
Posted In: Projects,
From St. Louis Post-Dispatch: More than $71 million in incentives, including a tax-increment financing subsidy of about $60 million, are being sought to help fund a massive mixed-use project between St. Louis University’s north and south campuses.
The detailed plan for the 850,000-square-foot Iron Hill complex, to be submitted Wednesday to a city commission, pegs the project’s overall cost at about $327 million.
The project, slated for 14 acres on university-owned land at the northwest corner of South Grand Boulevard and Chouteau Avenue, would be developed by Peoria, Illinois-based Cullinan Properties.
Plans call for up to 175,000 square feet of office space, up to 146,000 square feet of retail space including restaurants, as many as 500 apartments and one or two hotels.
That would be incorporated into about 10 buildings two to 10 stories high, said Rob Lochner, a Cullinan vice president.
Tax-increment subsidies, also known as TIFs, allow some new taxes generated by the development to be used to pay certain related costs.
Backers also hope to raise $10 million through a community improvement district — possibly with a sales tax increase at the site — and $1 million through state brownfield tax credits to clean up environmental contamination.