ST. LOUIS • City leaders this week advanced a bill that would give a 15-year tax break to the developers of a planned $61 million mixed-use, retail and residential development in the Forest Park Southeast neighborhood.
The project, known as , is planned for the eastern end of the Grove nightlife district. Plans call for 240 market rate apartments, 51,000 square-feet of retail space and a parking structure.
The proposed tax abatement for Chouteau's Grove passed out of a Neighborhood Development meeting with four “yes†votes and Ward 1 Alderwoman Sharon Tyus voting “present.â€
It heads to the full Board of Aldermen next where a final vote could take place as soon as mid-October.
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If passed, the city, the school district, the zoo, community colleges, the Metropolitan St. Louis Sewer District and more would forgo a combined $710,000 in property taxes per year for 15 years starting in 2019
Alderman Joe Roddy, whose 17th Ward includes the Grove, acknowledged that this tax abatement goes beyond the customary 10 years most commonly approved by aldermen.
“This merits an exception to go 15 years,†he said. “This is a transformative project for Forest Park Southeast.â€
Roddy said the project falls in line with what city residents want, particularly near the Cortex technology district – dense, urban development where cars are optional.
A is planned for the area just east of Boyle Avenue near Sarah Street.
The St. Louis Development Corporation has graded the Chouteau's Grove project as a B-. Grades are given out using a formula to determine which projects provide the best cost-benefit analysis to the city.
The calculation roughly measures the amount of revenue each parcel of property in the city needs to generate, given there is only so much land within the city limits.
The SLDC estimates that once the project is finished, it will generate $585,000 in new sales and property taxes every year.
