State Board Approves $2.25M in Tax Credits for Delmar Project

By on October 16, 2018

From St. Louis Business Journal:  The Missouri Development Finance Board last week approved more than $2 million in tax credits for a project to rehab the old St. Luke’s Hospital on Delmar Boulevard into a mixed-use development.

The state board OK’d $2.25 million in tax credits for the Delmar DivINe project, which is being planned by Build-A-Bear Workshop founder Maxine Clark and Clayco’s CRG Real Estate Services.

The tax credits will be used to raise up to $4.5 million to assist with renovations for the nonprofit and commercial phase of the project, according to Missouri Development Finance Board documents. Clark said the entire project will cost about $90 million, and that the development’s first phase will come in around $70 million.

Phase one will include development of 160,000 square feet of apartments, 110,000 square feet of office space and a 12,000-square-foot retail component. The project will include 150 one and two-bedroom apartments. Phase two is still being finalized, Clark said.

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