St. Louis officials are hoping to find a developer for the dilapidated Railway Exchange Building by summer.
The downtown St. Louis structure has been vacant for years, which prompted the city to embark on eminent domain proceedings. A judge is expected to come up with a final cost for the city in the coming days.
St. Louis Development Corporation President and CEO Neal Richardson told reporters on Tuesday that eminent domain was necessary to wipe out the Railway Exchange Building’s liens.
“It's very important for the public to understand that without us going through this condemnation process, the building would have sat deteriorating and vacant for eternity,” Richardson said, “because it would not have the ability to be able to clear those liens on that property without us taking this action.”
Richardson said that once the city’s Land Clearance for Redevelopment Authority acquires the building, the next step will be to knock down a decaying parking garage.
After that, city officials will seek out a developer to overhaul the building with a particular focus on cultivating more residential spaces. Richardson said refurbishing the building could be quite expensive.
“With inflation and rising costs and construction, you're looking at maybe a $400 million proposed project that can come to downtown St Louis,” he said.
He also said it’s possible for the structure to qualify for an array of federal and state tax credits that could make the project more affordable.
He added that transforming the Railway Exchange Building back into a functional structure is critical to making downtown St. Louis more appealing.
“We plan to work in partnership with the private sector to bring it back to its glory,” Richardson said.
