ST. LOUIS — There is a buyer for the long-vacant Millennium Hotel.
Greater Saint Louis Inc. and the St. Louis Development Corporation announced a local entity has come forward to purchase the property and plans are being finalized.
The building holds a prime spot on the downtown skyline near Busch Stadium and its decay has been a source of frustration for city officials and downtown boosters.
The development fulfills Mayor Tishaura Jones’ May request for “bold action” to be taken in 120 days on the hotel as well as the Railway Exchange Building.
“But instead of just developing a plan, we’ve worked in partnership with the City, our investors and Downtown partners and we’re already taking bold action to address the future of these properties and drive new investment Downtown,” said Jason Hall, CEO of Greater St. Louis Inc.
"My administration and our partners remain focused on transformational action to revitalize Downtown, and you are seeing the results of those efforts with every new small business that opens and every large gathering that takes place,” said Mayor Jones in a statement.
The groups said it was imperative to ensure the properties were in the hands of local owners who will help “advance plans for redevelopment that will benefit St. Louis.”
The city also made an offer to buy the Railway Exchange Building and is waiting to see if the owners accept it. If the owner doesn’t respond by Sept. 20, the city plans to use eminent domain to bring it under local control.
Hall says Jones’ call for action also sparked action among other downtown stakeholders.
“Over the past 120 days, this public-private partnership has driven more action in Downtown St. Louis than has taken place in years, and we are excited to continue collaborating with the City to ensure that the momentum Downtown continues,” added Hall.
The groups report that since May 2024, there have been $330 million of new investment announced Downtown, including:
- Wainwright Building. Arch to Park Equity Fund LLC, a patient capital real estate fund that GSL coordinates, has submitted an offer for the historic Wainwright Building to the State of Missouri. The State has accepted that offer. Customary diligence and negotiations are underway prior to closing.
- TierPoint. TierPoint is investing $150 million to develop a new data center in the 2300 block of Locust.
- Mansion House. A $169 million investment will redevelop the Mansion House on the Riverfront.
- 1128 Washington Avenue. A $15 million renovation of 1128 Washington Avenue.