The St. Louis Board of Alderman unanimously passed two bills, BB214 and BB215, to create a TIF district for the Kingsway Elevation District announced last fall by Kingsway Development. The plan consists of five phases along a three block stretch of Delmar between Kingshighway and Taylor in the Central West End and Fountain Park neighborhoods.
A previous plan for the southeast corner of Delmar and Euclid did not come to fruition – Nextstl – Saur Planning 161 Micro Apartments at Euclid & Delmar
The TIF request was $6.9M or 8.8% of the $78.4M development cost. They are also seeking 10-year 95% property tax abatement. They plan to utilize Missouri Brownfield Tax Credits for phase 2, Federal and Missouri Historic Tax Credits for the rehabs, Federal New Markets Tax Credits, MSD Project Clear grant funds.. A CID with a 1% sales tax, 0.5% for project financing, 0.5% for ongoing maintenance is also sought.
Phase 1: Rehab 4915 Delmar into a community performing arts center and gallery space.
Phase 2: Rehab 4731 Delmar into the Elevation Space 25,000 sf of shared office space with tools aimed to support entrepreneurship and investment in underserved communities. Plus ground level retail and restaurant space.
4731 Delmar is 100% preleased, 4709 Delmar 80% preleased. Get your hot dogs and cake!
Phase 3: Rehab 4709 Delmar into a 36,000 sf business center. Immediately west on Delmar a new 10,000 sf building with a 750-seat performing arts theatre.
Phase 4: The southeast corner of Delmar and Euclid, 155 luxury apartments, 10,000 sf retail, pool, courtyard, roof-top patio, fitness center. The apartment breakdown is planned to be- 34 efficiency units, 104 one Bd, 18 two Bd, The architect is Trivers.
There are 325 structured parking spaces within for residents and the general public at a cost of $2.885M to be funded by the TIF. Once again we see SLPS schoolkids tapped to pay for parking because drivers aren’t willing. #butforparking #Parkingsmartstl
Phase 5: Replace 709 Taylor with a 60,000 sf Kingsway Medical Center to serve impoverished and uninsured populations in the surrounding community.
There is also $3M in streetscape improvements from Kingshighway to Taylor constructed in three phases. 1st Delmar from Euclid to Walton (47-4800), then to Taylor (45-4600), then to Kingshighway (4900).
The estimated completion date of all phases is 2025. The goal of the development is to bridge the Delmar Divide. With the Delmar Loop heading east, Delmar Divine, (a brand new drive thru Burger King :/), and now the Kingsway Elevation District, the ball is rolling.