StlToday - Butler Brothers developers reach deal with City Hall on tax incentives for massive downtown rehab
https://www.stltoday.com/news/local/met ... 847b7.html
https://www.stltoday.com/news/local/met ... 847b7.html
Nice!!!!quincunx wrote:StlToday - Butler Brothers developers reach deal with City Hall on tax incentives for massive downtown rehab
https://www.stltoday.com/news/local/met ... 847b7.html
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It looks like about $51.8M of the $119M project will be through subsidy.bwcrow1s wrote: ↑Sep 21, 2021Given the current trend of, well, bucking the trend of subsidies, where do you think this ends up?
In addition to the abatement, worth an estimated $9.8 million over 15 years, the developer is asking for a sales tax exemption on construction materials, $24 million in state historic tax credits and $18 million in federal historic tax credits.
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^Not cheap, but I think it's worth it to activate the Butler Brothers as the developers envision.
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I'm thinking if they can pull this off, approach them about the Railway Exchange and Jefferson Arms...
Difference is that:pattimagee wrote:I'm thinking if they can pull this off, approach them about the Railway Exchange and Jefferson Arms...
Greater St. Louis is chaired by Andy Taylor, of Enterprise Holdings, whose family is building the new soccer stadium and will own the team.
Butler Brothers would be a great investment for the Taylor Family. 1801 will benefit from this as well. I can see J.A as is not as far. Doubt RX will happened too far from them and not in Downtown West. I can see Dewitt III helping in getting it done once their second tower is completed.
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^^^ This 100%. I'm generally not a fan of huge subsidies, but this project would be transformative for the area if completed as planned, especially when combined with all the other things happening in the area.gone corporate wrote: ↑Sep 21, 2021^Not cheap, but I think it's worth it to activate the Butler Brothers as the developers envision.
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That’s $42m in Tax credits doesn’t = $42m in dollars. Not sure what TC sell for now but Id guess 70 centsbprop wrote: ↑Sep 21, 2021It looks like about $51.8M of the $119M project will be through subsidy.bwcrow1s wrote: ↑Sep 21, 2021Given the current trend of, well, bucking the trend of subsidies, where do you think this ends up?
In addition to the abatement, worth an estimated $9.8 million over 15 years, the developer is asking for a sales tax exemption on construction materials, $24 million in state historic tax credits and $18 million in federal historic tax credits.
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This isn't in their wheelhouse, nor have they ever been tied to projects like this. Some developer will eventually get the RX done, but it wont be the DeWitts.JJ Rivera wrote: ↑Sep 21, 2021Doubt RX will happened too far from them and not in Downtown West. I can see Dewitt III helping in getting it done once their second tower is completed.
There’s always a first time! Lol… I mean putting money for the 7th street redevelopment all the way to the Convention Center might have them interested who knows. Is not only financially they could bring or invite investors. If the RX rehab happens it means more people near Busch Stadium!Laife Fulk wrote:This isn't in their wheelhouse, nor have they ever been tied to projects like this. Some developer will eventually get the RX done, but it wont be the DeWitts.JJ Rivera wrote: ↑Sep 21, 2021Doubt RX will happened too far from them and not in Downtown West. I can see Dewitt III helping in getting it done once their second tower is completed.
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Have to agree and second Laife's thoughts. DeWitt Family probably has the means to secure some key properties in and around BPV footprint and they stayed away from what I understand, whether it be Cupples property, 300 S. Broadway, surface lot next, etc... Tough to see them getting involved unless its a stand alone ground up BPV project with them naming there incentive terms. However, wouldn't be surprised if Cordish isn't trying to team up with Taylor family on a soccer village type development w DeWitt family as part of the investment group.,Laife Fulk wrote: ↑Sep 21, 2021This isn't in their wheelhouse, nor have they ever been tied to projects like this. Some developer will eventually get the RX done, but it wont be the DeWitts.JJ Rivera wrote: ↑Sep 21, 2021Doubt RX will happened too far from them and not in Downtown West. I can see Dewitt III helping in getting it done once their second tower is completed.
Get back to Butler Buildings, any infill in the long term proposal? Trying to grasp if incentives approve is on the rehab and or bigger project?
dredger wrote:Have to agree and second Laife's thoughts. DeWitt Family probably has the means to secure some key properties in and around BPV footprint and they stayed away from what I understand, whether it be Cupples property, 300 S. Broadway, surface lot next, etc... Tough to see them getting involved unless its a stand alone ground up BPV project with them naming there incentive terms. However, wouldn't be surprised if Cordish isn't trying to team up with Taylor family on a soccer village type development w DeWitt family as part of the investment group.,Laife Fulk wrote: ↑Sep 21, 2021This isn't in their wheelhouse, nor have they ever been tied to projects like this. Some developer will eventually get the RX done, but it wont be the DeWitts.JJ Rivera wrote: ↑Sep 21, 2021Doubt RX will happened too far from them and not in Downtown West. I can see Dewitt III helping in getting it done once their second tower is completed.
Get back to Butler Buildings, any infill in the long term proposal? Trying to grasp if incentives approve is on the rehab and or bigger project?
Only one I can think of right now is 1801 Washington! But it was approved pre-new admin.
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Other than the MLS stadium I can think of another project more important than this in progress right now. I'm not counting Jefferson Arms.
Can or can't?GoHarvOrGoHome wrote: ↑Sep 27, 2021Other than the MLS stadium I can think of another project more important than this in progress right now. I'm not counting Jefferson Arms.
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MO HTCs generally sell for 90-93 depending on the purchaser. Federal HTCs are lower but typically higher than 70. Again, depends on the investor.dbInSouthCity wrote: ↑Sep 21, 2021That’s $42m in Tax credits doesn’t = $42m in dollars. Not sure what TC sell for now but Id guess 70 centsbprop wrote: ↑Sep 21, 2021It looks like about $51.8M of the $119M project will be through subsidy.bwcrow1s wrote: ↑Sep 21, 2021Given the current trend of, well, bucking the trend of subsidies, where do you think this ends up?
In addition to the abatement, worth an estimated $9.8 million over 15 years, the developer is asking for a sales tax exemption on construction materials, $24 million in state historic tax credits and $18 million in federal historic tax credits.
Also important to note that the economic impact of both state and federal HTCs have been studied numerous times over the past 2 decades and have consistently been shown to be revenue positive. Rutgers, specifically, has been studying the federal HTCS since their inception in the late 70s and found that from 1978-2016, over $29.8B in federal tax revenue was generated compared to $25.2B in Federal HTCs allocated, a return of $1.18 for each $1.00 of Federal HTCs.
Furthermore, a project like Butler Bros will spur other economic activity in the immediate area, most of which will not use HTCs.
It says it could start as early as January 2022!
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what are they doing ? prep work?chris fuller wrote: ↑Jan 13, 2022getting the Butler Building ready for its redo?
https://imgur.com/a/N58jFDB
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Looks like a bit of tuckpointing, I could be wrong though
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Could be masonry testing, but i'm not sure why they'd need to be so high for that? Looks like the same brick below it...
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I was thinkin maybe anchors for a debris chute?
Regardless, signs of activity are awesome!
Regardless, signs of activity are awesome!
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Any word on any movement with this project?
There are two cherry pickers on the side waiting for something?
There are two cherry pickers on the side waiting for something?