A resolution for consideration by the St. Louis Port Authority at its August 11th meeting reveals hints of plans for redevelopment of Chouteau’s Landing and areas to the south in the Kosciusko neighborhood.
Good Developments Group (the “Developer”) owns or controls approximately 50 acres out of a potential development site of approximately 80 acres generally located south of Interstate 64 (Poplar Street Bridge) and west of the Mississippi River (the “Redevelopment Area”). The Developer proposes to develop or cause the development of residential, retail, entertainment, office and industrial uses in the Redevelopment Area, as well as substantial public infrastructure and public space improvements (collectively, the “Gateway South Project”). This resolution (1) states the intent of the Port Authority to cooperate with the Developer to develop the Gateway South Project, (2) authorizes a Preliminary Funding Agreement with the Developer, whereby the Developer will pay the Port Authority’s, the City of St. Louis’ and St. Louis Development Corporation’s costs of negotiating a development agreement relating to the development of and incentives for the Gateway South Project, and (3) authorizes Port Authority staff and attorneys to negotiate the development agreement and present it for the Board of Commissioner’s future consideration.
A smorgasbord of incentives could be tapped to facilitate the project-
The Gateway South Project is expected to be developed over several years at an estimated cost of approximately $1.2 billion. Potential public funding and incentives for the project include, but are not limited to, federal port infrastructure grants, New Markets Tax Credits, Opportunity Zone, Brownfield Tax Credits, AIM Zone, Port Improvement District, Community Improvement District, Transportation Development District, MSD Rainscaping Grants and various tax abatement programs.
It is the Developer’s intent to create a nonprofit corporation to operate and maintain various public spaces within the Redevelopment Area.
Who is Good Developments Group? Crowd-sourced sleuthing reveals the founder and some members of the team have had connections to JDS Development headquartered in Miami though lists its contact address in New York City. Registration papers for Good Developments STL LLC filed with Missouri SoS earlier this year are signed by Greg Gleicher who was Senior Director, Acquisitions and Development at JDS based in New York. GDG has its office in the Mississippi Valley Trust Company building at 401 Pine St. Many properties in the redevelopment area are owned by a maze of LLCs which Good Developments Group have presumably purchased or have options to purchase. No part of the area is in a Preservation Review District nor National Register of Historic Places District. The St. Mary of Victories Church and the Crunden Martin complex are on the National Register of Historic Places.
We’ll share more as we learn more.
