ST. LOUIS (KMOX) – It would be the first new office building downtown since the Met Square building.

The St. Louis Board of Aldermen is considering possible tax breaks for a couple of downtown development projects. Downtown Alderman Jack Coatar says one is a 130 room boutique hotel at 7th and Olive.

“We need more available room nights downtown to attract conventions,” Coatar says. “Also, this product having a boutique hotel it’s not just maybe a giant 900 room hotel as appealing to people coming from out of town.”

The other project is a high-tech office building that would go up just west of Busch Stadium. Some Aldermen voiced their concerns about the project.

“They’re some question of, we’ve got a lot of vacant office space downtown already. That’s a concern that members of the committee expressed…” Coatar says. “Do we really need to be building and subsidizing new Class A office space when we have an existing stock?”

Both projects are seeking tax abatements of at least twenty years, causing some Aldermen to voice concerns about too many tax breaks.

No vote was taken for now on either project.

(TM and Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Follow us on Twitter | Like us on Facebook

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

Listen Live