Opus’ 1014 Spruce will go before the LCA board next week. The $33.7M building will rise on the vacant lot left by the loss of Cupples 7. Planned ar 146 apartments, 3,000 square feet of retail, and 55 parking spaces. Up to 145 more spaces will be leased in the garage next door.
Board Bill 193 before the Board of Aldermen authorizes a 10-year tax abatement of 40%. The estimated present value of the tax abatement is $1.855M. LCRA will issue bonds so as to exempt the sale tax on construction materials. the land will be purchased from the St. Louis Treasurer for $2.3M.
Update Feb 6, 2021 – The St. Louis Board of Alderman unanimously passed BB 193.