The Railway Exchange Building in downtown St. Louis has a price: $4.75 million.
It was included in a Commissioners’ Report filed Friday as part of the eminent domain case involving the prominent and long-vacant downtown building and is lower than the city’s total appraised value of $8.19 million from 2024.
On Friday, other Commissioners’ Reports lay out the costs for nearby parking lots and the adjoining parking garage. The total for the building, lot and garage is $7.3 million.
The city’s Land Clearance for Redevelopment Authority board will likely discuss the value at the Jan. 28 board meeting to determine if the price is adequate for purchase through eminent domain, according to a statement from the St. Louis Development Corporation.
The eminent domain case was launched by St. Louis last October after the city was unable to agree on a purchase price with Hudson Holdings, which had purchased the building in 2017.
St. Louis Development Corporation CEO Neil Richardson told reporters earlier this week that the city’s next step will be to tear down a decaying parking garage.
He said officials will then seek a developer to overhaul the building and particularly focus on adding residential units.
