Green Street Details Plans for $82.2M Mixed-Use Armory Project

By on November 15, 2016

From nextSTL:  Green Street Development has detailed its plans for the long-vacant Armory in Midtown neighborhood as it seeks city support for $8M in tax increment financing (TIF). The $82.2M redevelopment plan would transform the one-time military post into a mixed-used facility including office, restaurant, and health spa, according to documents filed with the city.

A first phase would renovate the existing Armory, with a second phase would include a 90,000sf building just east of the Armory, and a separate 135-room, seven-story hotel and 300-space parking garage south of that site. The basement of the Armory, once used for tank and military truck parking, will be utilized as a parking garage.

According to documents filed with the city, Green Street is aligning an array of financing and incentives to fund the project. These include the formation of a Community Improvement District (CID), Transportation Development District (TDD), 100% tax abatement for 10yrs followed by 50% for 5yrs, almost $7M in state historic tax credits, $5M in federal historic tax credits, and $1.1M in state Brownfield tax credits. The CID and TDD allow for additional tax levies on economic activity within the development.

The developer’s TIF Commission materials show an estimate of 700 jobs at the site with a total payroll of $33M. Listed as architects on the project are Trivers and Grice Group Architects. Green Street is seeking to acquire one additional sliver of land adjacent to the railroad yard (where the south end of the hotel and pool appear in the rendering above). It is currently owned by Union Electric, which owns the electrical station immediately south of the Armory.

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