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Issue: 1140 Date: 6/28/2012
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St. Louis Union Station sale nearing completion
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ST. LOUIS (June 21, 2012) - Union Station, the historic landmark and financially struggling retail center in downtown St. Louis, may soon be in new hands.
After a lengthy bidding process, the current owners are nearing completion of the sale of Union Station to a development group that promises to reinvigorate the beleaguered tourist attraction.
Lodging Hospitality Management, based in Maryland Heights, is working with Chesterfield-based THF Realty, a $2 billion company that develops retail centers nationwide, to buy Union Station and redevelop the site with public help. THF's chairman and owner is Stan Kroenke, the owner of the St. Louis Rams.
The project would encompass a $50 million renovation of the existing hotel, areas beneath the train shed and parking lots, according to a source with knowledge of the proposal. The sale is under contract, pending final details to be worked out over the next few months.
St. Louis Development Corp., the city's development agency, is scheduled today to consider a $5 million allocation of federal New Markets Tax Credits to help the multimillion-dollar project.
Union Station has struggled in recent years since the closed railroad terminal reopened as a $140 million "festival marketplace" in 1985. |
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