St. Louis officials have notified the owner of the vacant Railway Exchange building downtown that it is ready to take the property via eminent domain if the two sides can't come to an agreement on the site's future. It has been vacant and hit by trespassers for years.
“We have been moving aggressively to accelerate the process of securing Railway Exchange with the ultimate goal of stabilizing it for future redevelopment,” said SLDC’s President & CEO Neal Richardson in a press release. “While eminent domain is the solution of last resort, after lengthy conversations with interested developers and legal experts, it became clear that given the complex financing structure put in place through prior redevelopment initiatives and the nature and level of encumbrances on the property, the best way to move negotiations with all parties forward and acquire a clean title was to initiate eminent domain."
A letter also makes clear to the property owner that if LCRA cannot reach a binding agreement with Hudson Holdings, the City can file a petition for eminent domain in Circuit Court to acquire the property.
In June, the security firm Citizens Guard Security, which had previous experience with the building, was hired by the Department of Public Safety to secure both the main building and the adjacent parking garage by having a very strong visible presence to deter and prevent crime before it occurs.
“Through public-private partnerships, we’ve stopped the Railway Exchange Building from serving as a magnet for crime,” said Mayor Tishaura O. Jones in a press release. “We’ve also put the owners on notice that neglect is no longer welcome in the City of St. Louis."