Four STL Projects Win Nearly $51M in TIF Support

By on January 5, 2017

From St. Louis Post-Dispatch:  A $26 million office and retail development in the Delmar Loop is among four St. Louis projects that won support Wednesday for a public tax incentive.

Pace Properties plans to build its three-story Northgate project on the site of the gas station at the northwest corner of Delmar and North Skinker boulevards.

After about an hour of discussion, the city’s Tax Increment Financing Commission voted 5-1, with three abstentions, to support the project with nearly $4.4 million in TIF aid.

Pace hopes to begin construction in September and complete the project late next year. The developer plans to anchor the street-level retail space with a national drugstore chain outlet but Rob Sherwood, Pace’s director of acquisitions, said a tenant had yet to be obtained.

Offices are planned for the two upper floors. In addition to the gas station, the project site includes a parking lot and one-story office building owned by Washington University. Pace is proposing 50,000 square feet of offices and 15,000 square feet of retail space.

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