SLDC plans to demolish parking garage near Railway Exchange Building, find a developer in 2025
ST. LOUIS, Mo. (First Alert 4) – The city is in its final stages of seizing the Railway Exchange Building through eminent domain from its current owners, Florida-based Hudson Holdings.
Neal Richardson, the president of the St. Louis Development Corporation (SLDC) said city officials have met with parties with ties to the building, including Hudson Holdings.
A process is currently underway this week to determine how much the city will have to pay to take control of the property.
Richardson said an appraiser working with SLDC estimated the value of the Railway Exchange Building and its adjacent parking garage and lot at $5.3 million earlier this year. Representatives for Hudson Holdings, the building’s owner, argued the property is worth $13 million. Richardson said that once the city finds out the official price tag, it can move forward with the process of purchasing the building and plans to demolish the condemned parking garage, which may cost $3-4 million.
“By us taking action on acquiring the site and securing it, taking on some of the costs, seeing it become ready, it allows it to become more valuable from day one,” Richardson said.
The 1.2 million sq. ft. building, which was formerly the site of Famous Barr and Macy’s, is the second largest downtown, and presents significant challenges for redevelopment due to the neglect and damages to the building over the past decade.
Richardson said a developer would likely be able to take advantage of historic preservation tax credits to help pay for the necessary repairs to the building.
“Before the end of the summer, our goal is to have the garage demolished and a developer identified,” Richardson said.
Richardson identified the acquisition of the Railway Exchange Building and the Millennium Hotel as top priorities for SLDC.
“When people come downtown, they should have the best experience possible,” Richardson said. “It’s important that we invest in stabilizing these structures, removing that blight and creating more vibrancy downtown.”
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