urbanSTL

I know for a fact people are actually working on this project.

Danforth

Choteau Lake & Greenway project back in play

09/14/2007



Supporters of the long-dormant Choteau Lake & Greenway are hoping the project can be revived thanks in part to an economic development bill recently signed by Gov. Matt Blunt.



Officials for St. Louis-based McCormack Baron Salazar, the force behind the mixed-use project at the south end of downtown, say that legislation and several other state and federal incentives could be potential funding sources.



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The project could be eligible for state subsidies under the recently passed economic development package. Developments of at least 75 acres in impoverished areas can receive up to $10 million in annual income tax credits, capped at $95 million.



Baron said he and undisclosed partners control most of the 23 acres that will form the lake. Negotiations are ongoing with Union Pacific and others for the remainder of the property.



The developers hope to get $1.5 million in federal funding and additional funds through the Water Resources Development Act for the lake.



Baron has high hopes for the potential impact.



"This would be the most transformative kind of development activity that could happen (in the city)," Baron said.



"The city really needs something that will change the way it's perceived for corporate relocation and expansion. And this project could help create significant job growth in the city."

Jump start: Chouteau Lake in line for federal funding

St. Louis Business Journal - September 14, 2007

by Lisa R. Brown



The Chouteau Lake greenway would cover nearly 200 acres and link the downtown riverfront with Forest Park.



Chouteau Lake, a downtown project first proposed seven years ago, is in line to receive several million dollars in federal funding.



The proposed Chouteau Lake greenway project is a part of the Metropolitan Greenways Master Plan that includes several improvements to Missouri waterways. A funding bill making its way through Congress authorizes $10 million in federal funds for those projects, a portion of which will go toward the Chouteau Lake project.





The Chouteau Lake greenway is an area covering nearly 200 acres, with the goal of linking the downtown riverfront to Forest Park with bike paths and landscaped areas. A 16-acre lake is planned south of the new Busch Stadium.



The project, spearheaded by developer Richard Baron, chief executive of St. Louis-based McCormack Baron, has remained in the conceptual phase while other developments nearby moved forward, including the St. Louis Cardinals' new $387 million baseball stadium and the redevelopment of several buildings in the former Cupples Station district.



Baron said the authorization bill stands to serve as a jump-start to the project. "It's been a long, long time to get this through," Baron said. "I would liken it to the time it took for the Arch to be approved. We think the Chouteau Lake and greenway will be a transformative project for the city of St. Louis."



Baron's vision for the Chouteau Lake district includes a $400 million mixed-use development with office, residential and retail space. The project team includes Stan Mulvihill, vice president of McCormack Baron; architects Jim Fetterman of HOK Planning Group and Danny Rowatt of URS Corp.; Bob Lewis of Development Strategies; and attorney Linda Martinez of Bryan Cave.



Baron has already acquired nine acres in the redevelopment area where the lake is to be located and said he is working on acquiring additional parcels. If the federal funding is ultimately secured, the lake would be built in the first phase, and the greenway project stretching westward would be included in subsequent phases.



U.S. Rep. Russ Carnahan, a member of the Transportation and Infrastructure Committee, Subcommittee on Water Resources and Environment, supported the inclusion of the funding for Chouteau Lake in the House version of the Water Resources Development Act of 2007, HR 1495, which was passed Aug. 1. The conference report authorizes the language of a bill but is not an appropriation.



The St. Louis Regional Greenways project will foster increased public access to the Mississippi River and provide for aquatic restoration of our wetlands, including fish and wildlife habitats," Carnahan said.



U.S. Sen. Christopher "Kit" Bond said he backs the funding for the Chouteau Lake project. "The Chouteau Lake project will help change the face of downtown St. Louis," Bond said. In 2003, Bond helped secure $1 million in federal funding for the project.



While city officials have expressed support for the Chouteau Lake idea, hurdles that have stood in the way include obtaining permission from Union Pacific railroad to relocate existing railways north of the proposed greenway. Mark Davis, a spokesman for Union Pacific, said he was unaware of any new developments. "We have not heard anything new on the Chouteau Lake project," Davis said.



Despite the time it has taken to get the project moving forward, civic leaders remain supportive of the project. The St. Louis Regional Chamber and Growth Association estimates the project would help generate $15 billion in private investment activity.



"Part of the challenge of the project is its magnitude, in a sense that it affects such a large area," said Dick Shepard, principal of Real Estate Strategies Inc. Shepard said with all of the development that has occurred in the city surrounding the proposed Chouteau Lake district, including CORTEX and the proposed Ballpark Village, the project is even more viable today than when it was originally proposed. "It would tie together all of the development that has happened south of Highway 40 and create further opportunities."



lrbrown@bizjournals.com