ST. LOUIS – A $1.2 billion redevelopment venture for the St. Louis riverfront is one step nearer to taking form as board members authorised a key tax break.
On Tuesday, board members with the St. Louis Land Clearance for Redevelopment Authority authorised a gross sales tax exemption on development supplies for a riverfront plan referred to as the Gateway South Project.
A decision handed Tuesday will enable the LCRA to concern as much as $155 million in taxable industrial income bonds to finance the primary part of the venture. The LCRA approved several other incentives and tax abatements previous to Tuesday to assist the venture moved ahead.
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Led by New York-based developer Good Developments Group, the riverfront plan requires a 100-acre, mixed-use district that focuses on the development business simply south of the Gateway Arch.
Early levels of growth would come with services and logistics infrastructure for corporations manufacturing constructing modules and constructing elements. Later levels would come with residential housing, workplaces, retail area and extra.
The precise timeline for the venture stays up within the air, although the event is anticipated to take a number of years to finish. Good Developments Group has not responded to FOX 2’s request for remark as of Wednesday afternoon.
NOTE: Video is from FOX 2’s protection of the riverfront plan in February 2023.
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