More than nine long months since going under contract, the deal to purchase the Millennium Hotel has finally closed. Gateway Arch Park Foundation now owns the long-vacant downtown eyesore.
“We’ve closed, we’ve taken possession, we can start,” says Gateway Arch Park Foundation executive director Ryan McClure. “We’re very grateful we’re in a position to help solve a huge problem for downtown St. Louis and for our region.”
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Now, work can soon begin on The Cordish Companies’ plans for a 41-story residential tower, Class A office space, amphitheater, ground-floor retail and other amenities. McClure says the $670 million project will connect the 4.2 acre site to the Arch grounds and downtown in a way that hasn’t been done in 60 years.
Why it matters: Downtown St. Louis’ struggles have been on full display for the past decade, with high-profile buildings, including the Millennium Hotel, AT&T Tower, and the Railway Exchange, sitting entirely empty and driving up vacancy rates. Some prominent local companies have decided to relocate elsewhere within the region. But a flashy new development could give downtown a much needed shot in the arm.
McClure argues the high-end project proposed by The Cordish Companies is one downtown can support.
“You need look no farther than One Cardinal Way to know that a luxury high-rise apartment building can be successful downtown,” he says. “[That building] is fully leased and there’s actually a waiting list for it.”
Plus, the new office space being built will have the amenities companies are looking for, McClure adds. Downtown may have a glut of empty office space, but not in the coveted Class A category.
What’s next: Now that the real estate deal is closed, work on the site can begin soon. First up is the demolition of the existing hotel buildings before construction on the new towers can begin. McClure says it’s too early for a timeline, but his hope is that it could commence by 2027.
Hear more about the project from Ryan McClure on The 314 Podcast.
