News Summary
Missouri lawmakers concluded their session without passing a crucial $50 million tax credit aimed at transforming vacant office buildings in downtown St. Louis into residential spaces. This failure raises concerns about ongoing urban decay and halts revitalization efforts in the city. Prominent structures like the AT&T tower and Railway Exchange building remain largely unoccupied, exacerbating local economic issues. The proposal faced political tensions and competing legislative priorities, leaving developers and residents uncertain about the future of urban development in St. Louis.
St. Louis – Missouri lawmakers concluded their legislative session on May 15, 2025, without approving a proposed $50 million tax credit designed to convert vacant office buildings in downtown St. Louis into residential spaces. The failure to advance the tax credit has raised concerns about ongoing urban decay and stalled revitalization efforts in the area.
The proposal, sponsored by Sen. Steve Roberts, a Democrat representing St. Louis, aimed to attract developers to revitalize the urban core, drawing bipartisan support from various lawmakers. Central to the proposal were significant landmarks, including the 44-story AT&T tower at 909 Chestnut Street and the 21-story Railway Exchange building. These buildings have been largely vacant for years, with the AT&T tower empty since 2017 and the Railway Exchange building mostly unoccupied since Macy’s departure in 2013. Collectively, these properties account for approximately 2.6 million square feet of available space.
Despite Senator Roberts’ efforts and the increasing pressure to harness the potential of these spaces for new residences, the Republican-controlled House and Senate did not bring the tax credit proposal to a floor vote. This has left developers and local residents wondering about the future of downtown revitalization initiatives, especially as urban development policies continue to clash with broader fiscal priorities.
Roberts expressed disappointment regarding the proposal’s fate and uncertainty about its revival in the upcoming legislative session, attributing the stalemate to persistent tensions between the political parties. Alongside Roberts, Rep. Travis Wilson, a Republican from St. Charles County, had sponsored a similar bill in the House, but it also failed to gain traction.
The Goldman Group, the owner of the vacant AT&T tower, had been working on a substantial redevelopment plan estimated to cost around $350 million. This project entails converting the tower into over 600 residential apartments and incorporating around 80,000 square feet of retail space. In an effort to drum up support for the tax credits that would help lower construction costs and provide affordable housing options, the company provided tours of the building to legislators.
The tax credit proposal, identified as Senate Bill 35 and House Bill 610, encountered additional challenges due to a politically charged atmosphere at the Capitol. On the final day of the legislative session, protesters advocating for various social issues, including abortion rights and paid sick leave, gathered to voice their concerns, further complicating the legislative priorities of many lawmakers.
Roberts criticized the current political climate, highlighting a perceived hypocrisy in the discussions surrounding a much larger financing plan of $840 million proposed for new stadiums for the Kansas City Royals and Chiefs while neglecting the pressing needs of deteriorating downtown buildings. He underscored the urgency of tackling the increasing degradation of these structures, stating that they continue to be a blight on the community.
The failure of the tax credit proposal not only stifles immediate development opportunities for key high-rise properties but also casts doubt on the future of urban revitalization in St. Louis. As the city continues to grapple with vacant buildings and declining economic prospects in its core, stakeholders will be closely observing any future legislative efforts aimed at addressing these pressing urban challenges.
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Additional Resources
- St. Louis Today
- Wikipedia: Urban Decay
- KSDK
- Google Search: St. Louis revitalization
- St. Louis Magazine
- Google Scholar: Urban Revitalization
- KSDK
- Encyclopedia Britannica: Urban Development
- St. Louis Magazine
- Google News: St. Louis urban development
