Cortex Moves Forward on 650-Car Garage

By on October 31, 2017

From St. Louis Post-Dispatch:  Cortex, the tech district in St. Louis’s Central West End neighborhood, hopes to begin construction on a roughly 650-car parking garage by the spring.

The garage was shelved at the beginning of the year after Cortex leaders and their co-developers decided the initial plan for a 1,000-car garage and 220 connected apartments was a bridge too far. They opted instead to focus on just a planned hotel and the under-construction office and lab building at 4220 Duncan Avenue that will house a regional Microsoft Technology Center, among other tenants.

“But we’ve continued to work on that component and we decoupled the (garage and apartments) and at this point we’re moving ahead with the garage component,” Cortex CEO Dennis Lower said.

St. Louis’s Industrial Development Authority approved on Thursday issuing up to $25 million in bonds to be repaid with Cortex’s tax increment financing revenues. The TIF uses increases in property, sales and earnings taxes from the office buildings and workers that have turned the old industrial corridor into a high-tech employment center.

Lower said the bonds had for years been planned as part of Cortex’s second phase financing and were being issued now that the TechShop building at 4260 Forest Park Ave is humming along. It opened a little more than a year ago.

Most of the proceeds will be used to pay down a construction loan for that building. Another $3 million will serve as Cortex’s match to a $10.3 million federal grant financing the construction of a new MetroLink stop in the district.

About Dede Hance