Gateway South Inches Forward with Tax Abatement Hearing
Updated: Nov 17, 2022
The $1.2 billion Gateway South development, which was initially unveiled in August, is inching ahead with a tax abatement request.
Good Developments Group (GDG) went before the LCRA Board today (November 15th) regarding a request for a tax abatement. According to the SLDC, the proposed tax abatement is for a period of 15 years with 10 years seeing a 90% abatement followed by 50% for 5 years. The tax abatement boundaries would cover the whole of the entire development area, which, for the most part, stretches from the Poplar Street Bridge to around Rutger Street and from 4th-Broadway to the River.
GDG billed Gateway South, which includes the Chouteau's Landing area, as a construction innovation district that will redefine the construction industry both at home and abroad while simultaneously bringing new jobs and people to St. Louis. The development will see the redevelopment of most all buildings in the Chouteau's Landing area as well as the construction of several new buildings of varying usages. The end goal is to create a mixed-use neighborhood that blends industrial, residential, office, retail, entertainment, and green space together, creating an active neighborhood on the riverfront.
The estimated timeline for the project is just over 10 years with original reports specifying that some very preliminary work, such as infrastructure and the construction of two industrial buildings, could begin in early 2023. Phase 1 was detailed at the LCRA meeting on November 15th. Phase 1 will cost $200 million and include....
127,000sf retail space
275,000sf office space
745,000sf industrial space
With the Port Authority previously entering into a development agreement with Good Developments Group, and the project receiving incentive approval from the LCRA, it's safe to say that Gateway South appears to be on track to at least start some sort of infrastructure work next year.
GDG originally tapped Copenhagen Denmark-based Henning Larsen to conduct master plan design work. It's unclear if Henning Larsen will be retained for the entire project or not. A general contractor has not yet been announced.
Story from August 11th: Chouteau's Landing to be Reimagined as Gateway South