The long vacant Millennium Hotel in downtown St. Louis could finally see some movement. On March 26 the LCRA Board will consider a blighting study and authorization of the use of eminent domain to acquire the property. LCRA staff recommends up to a 90% property tax abatement for up to 20 years on incremental improvements.
The 28-story, 780-room hotel closed in 2014. It’s owned by a subsidiary of a Singapore-based company who has been dutifully paying property taxes while the property sits. The Post-Dispatch covered the situation last October-
Cherry, of Manor Real Estate, said he’s spoken with the ownership group several times and was told that it wants to be part of a redevelopment effort.
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“The challenge is that the developers that I’ve spoken with simply don’t have an interest in in partnering with a group that’s allowed the property to decay over so many years,” Cherry said. “It’s just simply not viable.”
This redevelopment plan reported in 2014 didn’t happen
There aren’t any more details in the LCRA meeting materials. Speculating here, but it’s doubtful the LCRA Board would bother doing this if there isn’t a buyer ready to get to work lined up. Unless the eminent domain part is a threat meant to get the owners to do something, but why play that card with a weak hand? Also there is no indication either way whether a redevelopment involves a partial or total demolition of the site. Time will tell.
