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.
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