ST. LOUIS–A developer will pay the St. Louis Port Authority $25,000 as part of a development agreement approved Thursday morning by the agency's board, as backers revealed more about plans to transform 80 acres of property south of the Poplar Street Bridge along the Mississippi River as part of a proposed $1.2 billion mixed use project.
The project itself could require a number of public funding sources, including Brownfield Tax Credits, a Community Improvement District and a Port Improvement District. A resolution approved Thursday means the developer, Good Developments Group, will pay $25,000 to address costs from the Port Authority, the city of St. Louis and the St. Louis Development Corporation for negotiating a development agreement for what’s being described as “The Gateway South Project.”
In a presentation before the board Thursday, consultants for the developer described a mixed-use project that would include a "Design & Construction Innovation District" with a pair of factories tied to component manufacturing and a business accelerator for start-ups, a recreational and residential district with two residential high-rises and other housing, and an Entertainment District. No names were attached to any potential tenants, but the consultants said they were in talks with San Francisco and New York-based firms for the factory elements.
The master plan was described as being in the "concept phase", with an overall timeline laid out Thursday that runs into 2032.
St. Louis Alderman Shane Cohn, who also sits on the Port Authority board, raised questions about having enough residential density in the area to support the district, as well as concerns about connecting the area to the rest of the city.
The developer has control over 50 acres of the project, with the remainder owned by public entitites including MoDOT, and the St. Louis Land Redevelopment Authority.
“I look forward to the prospect of new development Downtown and along our historic riverfront," St. Louis Mayor Tishaura Jones said in a statement. My administration will continue to work to ensure that any developer seeking public investment produces good-paying jobs and other benefits for St. Louis families to enjoy.”