ST. LOUIS (KMOX) – A luxury 36-story high rise development planned for the Central West End will likely get more incentives.
The city’s Land Clearance and Redevelopment Authority voted to allow the developers of “100” on Kingshighway to purchase construction materials free of sales tax. They already have a 95 percent property tax abatement over 10 years, then a 50 percent abatement over the following five years.
The building pays only five percent of its property tax bill for the first ten years – then 50 percent for the next five. LCRA Executive Director Otis Williams says this means the project won’t need as much of a property tax break.
Otis Williams, head of the Land Clearance and Redevelopment Authority, says incentivizing projects is still important.
“What we are trying to do is provide for a wide range of product here in the city and not just one end of the market,” Williams says. “What we are lacking here in the city – are middle and upper level accommodations for residential.”
St. Louis is beginning to offer this incentive more often because many materials are purchased elsewhere – and it’s not as much of a burden to the city.