The long-vacant Millennium Hotel in the heart of downtown St. Louis is set to have a new owner.
On Thursday, the Gateway Arch Park Foundation announced it is under contract to purchase the property on Fourth Street, which is sandwiched between the Gateway Arch grounds and Busch Stadium.
In a press release, the foundation said it will work with the city, the St. Louis Development Corporation and Greater St. Louis Inc. on a plan to redevelop the property, which has sat unused since 2014.
“The Foundation sees tremendous potential in revitalizing the Millennium site,” said Ryan McClure, executive director of Gateway Arch Park Foundation, in the release. “This project perfectly aligns with our mission to better connect Gateway Arch National Park and its surroundings to the rest of Downtown and nurture an experience that is vibrant, accessible, and memorable for both residents and visitors from around the world.”
The downtown hotel had been the subject of potential eminent domain use by the city as a ploy to spur the previous owner, Millennium Hotels & Resorts, to sell the property or put it to use.
It was listed for sale earlier this year with the commercial real estate firm JLL leading those efforts.
St. Louis Mayor Tishaura Jones welcomed the news.
“I’m grateful to Gateway Arch Park Foundation and Greater St. Louis, Inc. for their collaboration in making this happen,” she said in a statement. “We look forward to continuing our partnership to bring vibrant development to the cultural hub of the St. Louis region.”
Earlier this year, Jones had challenged SLDC and Greater St. Louis Inc. to develop plans for the Millennium Hotel and Railway Exchange buildings, which have both sat empty for years.
