Plans for Armory Transformation Detailed; Renderings by Arcturis

By on February 10, 2017

From nextSTL:  St. Louis design firm Arcturis has rendered its vision of a new Armory in the city’s Midtown neighborhood. The $83M project by Green Street Development envisions a unique office space with expansive amenities. A second phase would include mixed-use infill and a 135-room hotel. The economic incentives and other project details are outlined below.

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.

Read more.

 

 

About Dede Hance