ST. LOUIS – A $325M redevelopment project that would bring a marina, waterpark, hotels, restaurants and more along the Mississippi River took a step closer to reality Thursday.
The proposed development on Riverview Drive in north St. Louis is being called Lighthouse Point. M2 Development Partners out of Nashville want to build the multi-use development on 67.5 acres along the river.
The St. Louis Port Authority Commission approved a preliminary funding agreement that has the developer paying the commission $25,000 to look at the financial feasibility of the project.
The developer says it intends to make sure what they build “meshes” well with the natural beauty of the Mississippi River and provides a long-term economic development driver for the region, according to a press release. The developer also noted the project is only 1.5 miles from the new St. Louis Zoo Wild Care Park.
Neal Richardson, the Executive Director of the St. Louis Development Corporation, tweeted about today’s meeting and said, “SLDC is very excited about Lighthouse Point, which will continue to transform our riverfront, bringing training and quality job opportunities to the citizens of St. Louis and invest in the revitalization or North City.”
The Lighthouse Point project would be done in 4 phases according to a presentation M2 Development Partners gave the commission Thursday. It states phase 1 and 2 would be built simultaneously. Those phases would include the marina, a boardwalk with retail, tourism welcome center, resort-style hotel, indoor waterpark and more. A third and fourth phase would include further development of the riverfront with additional hospitality and retail.
The developers acquired the land in 1999 and have worked with the Army Corps of Engineers to mitigate future flooding. The project timeline has phase 1 work starting in the second quarter of 2023.
