Goldman Group
Goldman Group is a Boston-based real estate development company specializing in large-scale urban redevelopment projects. The company focuses on revitalizing vacant and underutilized properties in downtown areas, transforming them into vibrant residential and commercial spaces. With a strategic approach to sustainable growth, Goldman Group aims to stimulate economic activity and community development. Their portfolio includes plans for redeveloping iconic buildings into modern apartments and retail outlets, contributing to the revitalization of urban centers. The firm emphasizes stakeholder engagement and innovative design to create spaces that enhance city landscapes and improve quality of life for residents and visitors alike.
News Summary
A significant proposal to transform vacant office spaces in downtown St. Louis into residential areas did not progress in the Missouri legislature. Sponsored by Sen. Steve Roberts, the plan aimed to utilize a $50 million tax credit to aid developers in revitalizing the AT&T tower and Railway Exchange building. Despite bipartisan support, the absence of timely consideration has left the future of these redevelopment projects uncertain. This is a setback for urban revitalization efforts amid ongoing economic challenges in the region.
St. Louis – A significant proposal aimed at converting vacant office buildings in downtown St. Louis into residential spaces failed to advance in the Missouri legislature before the session ended on May 15, 2025. The $50 million tax credit plan, sponsored by Sen. Steve Roberts, D-St. Louis, garnered bipartisan support but ultimately was not considered in time.
The proposed legislation was designed to assist developers in recouping costs associated with transforming unused office buildings into livable apartments and retail outlets. A notable focus of the plan was on the vacant 44-story AT&T tower located at 909 Chestnut Street, which has been unoccupied since 2017. Additionally, the proposal targeted the 21-story Railway Exchange building, which has remained largely empty since Macy’s vacated the space in 2013. Collectively, these two buildings account for approximately 2.6 million square feet of unused space in the downtown area.
Sen. Roberts expressed disappointment over the lack of action on the measure, indicating that the failure of this proposal may signal challenges for similar initiatives in the future, particularly given the ongoing partisan tensions in the Senate. A parallel bill proposed by Rep. Travis Wilson, a Republican from St. Charles County, also did not make progress in the House. Both the Senate bill, designated as Senate Bill 35, and the corresponding House bill, House Bill 610, were stymied during the legislative session.
The AT&T tower is currently owned by the Boston-based Goldman Group, which has plans to redevelop the site into over 600 apartments and approximately 80,000 square feet of retail space. To garner legislative support for the necessary tax credits to fund this development, Charles Goldman, managing partner of Goldman Group, extended an invitation to lawmakers to tour the vacant tower in hopes of demonstrating the potential economic and community benefits of completing the project.
However, the bill encountered delays primarily due to opposition regarding tax credits. The situation was further complicated by unrelated legislative issues, including a contentious sick leave proposal that had stalled in the House and drew legislative attention away from other matters.
Sen. Roberts criticized the legislative body for prioritizing funding for other projects, juxtaposing the House’s approval of an $840 million financing plan for new stadiums for the Kansas City Royals and Chiefs against their refusal to support efforts aimed at revitalizing downtown St. Louis.
Such tax credit initiatives have been viewed by many stakeholders as essential for stimulating economic growth and encouraging investment in urban centers, particularly in areas trying to recover from prolonged periods of vacancy and neglect.
This legislative decision leaves the future of the AT&T and Railway Exchange buildings uncertain, as key stakeholders in the redevelopment process must now reconsider their financial strategies in light of the lack of state support. With the local economy still navigating challenges exacerbated by the effects of the COVID-19 pandemic, the proposed tax credit plan was seen as a beacon of hope for rejuvenating downtown St. Louis and increasing the appeal of urban living.
As lawmakers return to their districts for the interim period, the discourse surrounding real estate development and urban revitalization is likely to continue, especially as local leaders and communities seek solutions for maximizing the potential of downtown areas rich in historical significance but facing challenges in modern economic landscapes.
Deeper Dive: News & Info About This Topic
HERE Resources
Missouri Lawmakers Fail to Approve Tax Credit for St. Louis Revitalization
Kansas City Boat & Fishing Show Returns After Hiatus
Additional Resources
- St. Louis Magazine: Evolution Metals
- Wikipedia: Urban Renewal
- KSDK: Downtown Bike Unit Relocation
- Google Search: St Louis economic development
- St. Louis Magazine: Succession Planning
- Google Scholar: Urban Revitalization
- St. Louis Magazine: Leading Industries
- Encyclopedia Britannica: Urban Planning
- St. Louis Magazine: STL Business 500 Reception Photos
- Google News: St Louis real estate
