ST. LOUIS — Developer KDG is proposing a three-building development in the Cortex Innovation Community, with residential, office and retail planned.
KDG, made up of Koman Group and Keeley Development Group, plan to seek tax increment financing, a type of public subsidy, for the three-building development at North Sarah Street and Clayton Avenue.
City of St. Louis documents say the project would cost $99 million, and is seeking $14 million in TIF assistance. A hearing on that request is scheduled for May 26 before the city's TIF Commission.
The documents say a first, seven-story building would include 160 apartments, 18,500 square feet of office space and 2,150 square feet of retail space. That $37 million building could open in the first quarter of 2023, they say.
Next would come a 125,000-square-foot office building, with 7,000 square feet set aside for retail. That $40 million project — contingent on preleasing 50,000 square feet — wouldn't be completed before the third quarter of 2023, the city said. A 610-space parking garage would also come in the phase.
In addition, the city said the area would get public improvements totaling about $3.5 million, with details still being worked out by KDG and Cortex. They could include streetscape, lighting, sidewalk and bike lane improvements on Sarah and Clayton.
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