ST. LOUIS — Developer Jassen Johnson is cutting plans to add a hotel to his $70 million multiphase project that aims to add density and bridge the gaps between Downtown West and Midtown.
Johnson confirmed the change at Tuesday's Land Clearance for Redevelopment Authority monthly meeting where he asked the board to approve tax abatement for several other properties along Locust Street, near the intersection with Jefferson Avenue.
He cited competition from the nearby redevelopment of the former Wells Fargo campus into a hotel as to why he and his firm, Renaissance Development Associates, is switching gears for the property at Jefferson Avenue and Locust Street.
"As we continue to push forward, we'll make the determination of what's the best and highest use," Johnson said Tuesday.
The LCRA board unanimously approved his request for 10 years of tax abatement at 90% of the assessed value for properties at 2639-41; 2700; 2704; and 2712 Locust Street. Johnson plans to transform those buildings into a restaurant/bar, coffee house and restaurant, a combined AirBnB and restaurant concept; and 57-stall parking garage, respectively, for around $4.3 million.
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