The St.Louis Midtown Billion Dollar Development
Developers in St.Louis have their sites firmly set on Midtown St.Louis, several residential and commercial developments have been chosen for this area. The City Foundry opened last August in Midtown and has been a roaring success. Previously a disused site the City Foundry has opened its doors as a contemporary Food Hall show casing chefs from around the city and the region a brand-new stage for their newest and biggest ideas, the City Foundry has now become the biggest attraction in Midtown. Beyond the food hall the development site will expand with hundreds of residential homes and retail spaces. Midtown has its own Corporation called The St. Louis Midtown Redevelopment Corporation and it is led by a dedicated Board of Directors and Staff to oversee the development of the Midtown area. Their aim is to help promote and guide the further redevelopment of Midtown, Saint Louis University and SSM Health worked with the City of St. Louis to develop the St. Louis Midtown 353 Redevelopment Plan which was adopted by Ordinance 70428 and became effective on March 21, 2017. The Redevelopment Plan covers an approximately 400 acre area (the “Redevelopment Area”) generally bounded by 39th Street, Spring Avenue and Vandeventer Avenue on the west; Compton Avenue on the east; Laclede Avenue and Interstate 64 on the north; and Park Avenue and Interstate 44 on the south. There are many development plans in place and these are just some of the ones we can expect over the coming years. The Armory District Project – The historic Armory Building was used by the Missouri National Guard as a location for their training camp. Today, Green Street Properties is taking this building and adjacent land and turning it into a hub of innovation. Office spaces, approximately 1,000 parking spaces, and a potential hotel. Element by Westin Hotel – Midas Hospitality has acquired the headquarters of Habitat for Humanity Saint Louis to make way for a new seven-story hotel with features including 153 extended-stay rooms, 10,000 sq. ft. of retail space, a rooftop lounge and fitness center. The Chouteau Greenway Trail Project – In 1999, McCormack Baron Salzar began plans for Chouteau Lake on the southern edge of downtown St. Louis. This conceptual development paved the way for Great Rivers Greenway’s Master Plan to connect the areas within St. Louis City via lakes, wetlands, and trails for citizens and visitors. The next step in this plan is to create a pedestrian-friendly trail going from Forest Park to Downtown St. Louis via the Midtown neighborhood. Iron Hill Project – Iron Hill will be a vibrant mixed-use destination combining shopping, living, modern workplaces, hotels, entertainment, and diverse dining options. The 850,000 sq ft project will be one of the densest developments to date in the City of St. Louis. The Steel Square Project – In June, 2018, Pier Property Group began converting the Steelcote building into 33 luxury apartments complete with 25 outdoor and 15 indoor parking spaces. This historic 40,000 square foot building, once home to the Steelcote paint company, is being rehabilitated to combine historic charm with luxury living. They estimate that within the next few years, Midtown St. Louis may well be the busiest 400 acres in St. Louis in terms of new development. The St. Louis Midtown Redevelopment Corporation has huge plans for the neighborhood. Saint Louis University has the same shared vision for Midtown by acquiring a 400 acre site in midtown St. Louis as it seeks greater influence over development in the future. The boundaries of the redevelopment area stretch from 39th Street, Spring Avenue and Vandeventer Avenue on the west; to Compton Avenue on the east; and from Laclede Avenue and Interstate 64 on the north; to Park Avenue and Interstate 44 on the south. The area encompasses the future home of a new $550 million hospital and outpatient center that SSM Health is planning to build along south Grand Boulevard, adjacent to the current SSM Health Saint Louis University Hospital. SLU’s plan lays out proposed uses within the redevelopment area which include the following – Medical and educational uses including offices and training facilities for those in the health care and life sciences; classrooms and related instructional, laboratory, research, hospice, nursery and day care spaces; and pharmacy facilities. Office facilities for private, public and non-profit institutions, businesses and agencies; research facilities; retail, dining, entertainment and other services; hotel and conference facilities; recreational and community facilities; and parking. New residential housing near SLU’s south campus, where it’s estimated that 60 to 80 single-family or low-density dwelling units could be constructed on vacant lots in the area. A future connection with the proposed Chouteau Greenway, which would flow through the redevelopment area. Midtown St.Louis is undergoing massive changes and once finished it will be seen as one of the best parts of the cities, properties in around Midtown are likely to soar in value as we have seen in other US cities when the Midtown areas have been developed. If you would like information on any of our great St.Louis properties please contact us at: invest@globalinvestmentsincorporation.com
