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The Staenberg Group has plans to redevelop the site into a “Downtown Chesterfield” with housing, retail spaces, restaurants and more. Developers expect it to be four years before people can start moving into new residential units.
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The region is already set to host the Division I Men’s Ice Hockey finals 2025 and the first and second rounds of the Division I Men’s Basketball championship in 2026.
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The 28-story, 780-room hotel closed in 2014. The foundation plans to work with the city, Greater St. Louis Inc. and the St. Louis Development Corporation on a plan to redevelop the site.
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It’s a project that takes cues from similar ones built across the country in recent years in places like Austin, Dallas, Phoenix and San Jose.
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The small district tucked directly north of the Gateway Arch National Park has quietly undergone a massive redevelopment in the past half-dozen years.
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The old paradigm in downtown St. Louis, that of a central business district with millions of square feet of office space, has faltered in recent years.
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Last month, the Land Clearance for Redevelopment Authority Board first brought up the possibility of a blighting study and redevelopment plan, but the board voted to table that item as the draft of the study wasn’t complete.
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After 40 years of shows, the tiny music district south of Busch Stadium continues to evolve, with newer club owners hoping to expand it.
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The region’s urban core has struggled to rebound since the pandemic, with a slew of companies relocating their offices away from downtown. Urban centers with more diverse economic sectors have shown to be more resilient coming back from the pandemic.
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Officials don’t have to spend the more than $500 million quickly because the money has fewer strings attached to it compared to other recent influxes of cash.