The vacant, former Millennium Hotel and Gateway Arch are seen reflected in a downtown 最新杏吧原创 fountain in September 2023.
ST. LOUIS聽鈥 The Gateway Arch Park Foundation has closed on its acquisition of the long-shuttered Millennium Hotel, clearing one of the first hurdles toward the downtown property鈥檚 potential redevelopment.聽
The foundation, a nonprofit dedicated to the preservation of the Arch grounds, paid $7.5 million, real estate records show. The organization used its own funds to acquire it.聽
The hotel is one of a handful of prominent, vacant buildings in downtown鈥檚 central business district that civic and business leaders believe hinder the city鈥檚 progress.
It occupies prime real estate one block south of the Arch grounds near the riverfront, an area many consider to be the front door to the region. Officials are hoping to transform the site with new housing, office space, an amphitheater, a food hall and other amenities, and are working with the developer behind Ballpark Village on the $670 million project.
People are also reading…
On Wednesday, officials praised the closing of the foundation鈥檚 purchase as a symbolic step toward a new future.聽聽
鈥淭oday is truly a day of hope for our downtown and for 最新杏吧原创,鈥 Mayor Cara Spencer said at a press conference at Ballpark Village.聽
The former Millennium Hotel, which has been closed for a decade, is reflected in a pond on the Gateway Arch grounds on Friday, March 22, 2024.
It will be several years before the city鈥檚 new skyline is built: The Arch foundation and its development partner, The Cordish Cos., are waiting on the state of Missouri to approve its environmental remediation plan as well as their request for Brownfield tax credits to help fund it. Ryan McClure, the foundation鈥檚 executive director, said the remediation and demolition will take 18 months to two years to complete.聽
鈥淭his is an important moment for our city,鈥 McClure said.聽鈥淲e have to get it right.鈥
Once 最新杏吧原创鈥 largest hotel with nearly 800 rooms, the Millennium was known for its cylindrical tower and rotating, top-floor restaurant. It opened in 1969 as Stouffer鈥檚 Riverfront and later carried the Clarion and Regal Riverfront names.
Its last owner, Singapore-based real estate corporation City Developments Ltd., shuttered the hotel in 2014 and briefly flirted with a possible renovation.聽
But 最新杏吧原创 officials became impatient with the company, which had no immediate plans to reopen the hotel and which reportedly stopped communicating with officials in recent years. Last year, Spencer, who was then the alderwoman for the neighborhood, urged the city鈥檚 economic development agency to use eminent domain against the owner to push for a redevelopment.聽
Instead, City Developments listed the property for sale. Wednesday鈥檚 announcement comes nearly a year after the Arch foundation publicly disclosed its interest in buying the hotel.聽
鈥淔or the first time in 26 years, this site is locally owned and 最新杏吧原创 will have a role in its future,鈥 McClure said.
Earlier this year, the foundation selected The Cordish Cos. to redevelop the hotel site in conjunction with city officials, the region鈥檚 business lobby and independent experts.聽
鈥淲ith this project we鈥檙e going to exemplify a new set of priorities for our region,鈥 Dustin Allison, the interim CEO of Greater 最新杏吧原创 Inc., said. 鈥淧riorities focused on growth, priorities聽on people, on our future and on reclaiming our place as the best damn city in America with the best damn downtown in America.鈥
颁辞谤诲颈蝉丑鈥檚 plans call for a 41-story luxury apartment tower, 283,000 square feet of prime office space and retail shops, a parking garage, cultural and outdoor space.
Exactly how the project will be financed is still in the works, though Cordish said private money will be used in addition to the potential to receive聽a $72 million tax break聽from the city for the project.聽
The 最新杏吧原创 Board of Education, citing the expected aldermanic action, went on record Tuesday night to oppose the proposed incentives for the project. Board member Ben Conover said the forgone property tax revenues to 最新杏吧原创 Public Schools would total about $62 million over 20 years.
鈥淲e鈥檙e getting absolutely screwed by proposals like this,鈥 he said.
The school board鈥檚 vote was unanimous.
The president of the Board of Aldermen, Megan Green, said Wednesday that her and Alderman Rasheen Aldridge will work with school officials on finding a solution that 鈥渨orks for everyone.鈥 Aldridge is sponsoring the bill for the tax incentives.聽
鈥淚t鈥檚 not a zero-sum game,鈥 Green said. 鈥淲e can do development and also support our kids and SLPS.鈥
The lobby of the Millennium Hotel, which has been vacant since 2014. Gateway Arch Park Foundation has closed on its acquisition of the Millennium Hotel in downtown 最新杏吧原创.
The basement of the Millennium Hotel, which has been vacant since 2014. Gateway Arch Park Foundation has closed on its acquisition of the Millennium Hotel in downtown 最新杏吧原创.
The Cordish Cos., the company that developed Ballpark Village, is proposing to demolish the Millennium Hotel for new housing, office, entertainment and other amenities in downtown 最新杏吧原创 as depicted in this digital rendering.聽
The Cordish Cos., the company that developed Ballpark Village, is proposing to demolish the Millennium Hotel for new housing, office, entertainment and other amenities in downtown 最新杏吧原创 as depicted in this digital rendering.
The Cordish Cos., the company that developed Ballpark Village, is proposing to demolish the Millennium Hotel for new housing, office, entertainment and other amenities in downtown 最新杏吧原创 as depicted in this digital rendering.
The Cordish Cos., the company that developed Ballpark Village, is proposing to demolish the Millennium Hotel for new housing, office, entertainment and other amenities in downtown 最新杏吧原创 as depicted in this digital rendering.聽
The lobby of the Millennium Hotel, which has been vacant since 2014. Gateway Arch Park Foundation has closed on its acquisition of the Millennium Hotel in downtown 最新杏吧原创.
The lobby of the Millennium Hotel, which has been vacant since 2014. Gateway Arch Park Foundation has closed on its acquisition of the Millennium Hotel in downtown 最新杏吧原创.
The lobby of the Millennium Hotel, which has been vacant since 2014. Gateway Arch Park Foundation has closed on its acquisition of the Millennium Hotel in downtown 最新杏吧原创.
The basement of the Millennium Hotel, which has been vacant since 2014. Gateway Arch Park Foundation has closed on its acquisition of the Millennium Hotel in downtown 最新杏吧原创.
