After nearly a year, the Gateway Arch Park Foundation has officially closed on the Millennium Hotel in downtown St. Louis.
The 4.2-acre site has been vacant since 2014, and in September 2024, the foundation announced its contract to purchase the property.
In partnership with the foundation, real estate developer the Cordish Cos. plans to build a 1.3 million-square-foot site that combines residential, office, commercial and cultural spaces in the hotel’s place. The project will cost about $670 million.
In a press release Wednesday, the foundation said the next step is to work on a public-private agreement required for the development to go forward. Construction has not started.
“The redevelopment of this site has been a long time coming,” said St. Louis Mayor Cara Spencer in the release. “This is a win for the future of downtown, in public space, and in reconnecting our city to the river that made it.”
This announcement comes after the recent completion of the CityArchRiver project to revitalize the Gateway Arch National Park. The $380 million project was completed in May with the reopening of the historic Old Courthouse. The Gateway Arch Park Foundation says it generated more than $500 million regionally last year.
This story will be updated.
