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The development by AHM Group aims to transform 12 acres north of CityPark into more than 450 apartment units and tens of thousands of square feet of offices and retail.
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The longtime home of Famous-Barr’s flagship store has been vacant since 2013. The city had it condemned last year.
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In 2017, 66 projects were approved for tax incentives. That number dwindled to 11 in 2023.
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Owners of one of St. Louis’ and Kansas City’s highest-profile development firms face federal fraud charges in an alleged scheme that officials say defrauded a St. Louis city minority and women’s owned business program.
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The Railway Exchange building has been vacant since 2014 and has become a high-profile downtown eyesore riddled with trespassing and other crime.
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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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St. Louis business leaders announce financial incentives aimed at bringing businesses downtown. They say $350,000 in grants and other incentives could attract retail shops, restaurants and pop-up enterprises.
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“Economic justice is a team sport. Government cannot do this alone," said Mayor Tishaura Jones. "When done in collaboration with our philanthropic civic and private sector partners, we can make a lasting difference for generations to come."
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The new sales tax rate at CityPark is 12.7%. St. Louis City SC officials plan to use the extra money for unexpected construction costs.
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Efforts to revitalize areas of the Hyde Park neighborhood are underway, thanks in part to federal coronavirus funds a city agency will use to invest in north St. Louis. The St. Louis Development Corporation is allocating more than $200 million across the city.