The developer originally planned to build retail and entertainment on the site, but is now planning a 268-unit apartment building, according to city documents.
ST. LOUIS — A $73 million apartment building would be built on a site in Forest Park Southeast that had previously received a property tax abatement for offices and retail, if authorities approve it, according to city documents.
Green Street Real Estate Ventures earlier this year moved from Clayton to a newly renovated office at 4565 McRee Ave., part of a $21 million project developed by the company, which combines offices with Bar K, a bar, restaurant and dog park.
Now the developer is planning a 268-unit apartment building, with parking and a garage, for a site at 4591 McRee, west of Barkaccording to documents released for a city council meeting that was supposed to be held on Tuesday, but was canceled.
Funding for the new project could close as early as June and construction could begin soon after, according to documents Green Street has filed with the city. Construction is expected to be completed in 2024.
Green Street originally planned to build retail and entertainment on the site when the city in April 2020 granted 10 years of 90% property tax abatement for the entire 18-acre redevelopment area at the 4565-4591 McRee.
Green Street asked the city to change the redevelopment plan in documents submitted to the Land Clearance for Redevelopment Authority. The LCRA issued Industrial Revenue Bonds for the project in 2020 that provided sales tax exemption for the entire site, including sales tax exemption of up to $21 million specifically for 4591 McRee.
As part of the new application, City Council will consider whether to increase the sales tax exemption for the expected higher costs of constructing an apartment building compared to the previously planned project.
Read the full story on the St. Louis Business Journal website.