ST. LOUIS (KMOX) – A developer is expected to close on the financing needed for a major residential project in downtown St. Louis today and construction is imminent.

The Land Clearance for Redevelopment Authority this week voted to allow Indianapolis-based TWG Development to purchase building materials free of sales tax to, in part, build 88 apartments in the 900 block of Locust. LCRA commissioner Dale Ruthsatz says the downtown housing market’s momentum needs to continue.

“We need to have fresh product available to people on a continuing basis, so having these 88 units I think is very important,” he says.

The tax abatement also applies the small corner building that formerly housed the Fatted Calf and, before that, an art gallery. That will be torn down to make way for five townhomes.

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