Missouri failed again. Office conversion tax credit did not pass. Let’s hope he was serious when he said he didn’t require the tax credit.
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Saw the developer on tvee Talk about a depressed person
My take: This project aint going anywhere anytime soon
My take: This project aint going anywhere anytime soon
Yea I'd personally count it as DOA unless the city wants to put Rams money towards it.
This state has become such a ***** joke.
This state has become such a ***** joke.
I hope you're correct, but I sincerely doubt this.dbInSouthCity wrote: ↑May 15, 2025This project doesn’t need this bill nor rams money
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I mean he said he needs the tax credit.addxb2 wrote:Missouri failed again. Office conversion tax credit did not pass. Let’s hope he was serious when he said he didn’t require the tax credit.
The project is subsidized with state and federal tax credits as well as tax abatement. Even with those subsidies, it still seems like a stretch. Those subsidies were available to Somera Road. They passed on the project. That speaks volumes to its difficulty. In that time, rates have doubled and capital markets are much more difficult to navigate. I really hope he can pull it off but I also sincerely doubt it without the additional subsidy. With that being said, alot can happen between now and early 2026.
Real Estate developers are some of the most optimistic people you will ever meet. They have to be to take on the enormous amount of risk that is inherent with these types of projects. He really might believe that it can be done without additional subsidy. The real question is can he convince the capital markets of the projects viability as - it stands. I hope so but sincerely doubt it.dbInSouthCity wrote: ↑May 15, 2025This project doesn’t need this bill nor rams money
Yep, people wonder why MO is not TX, TN, NC and any other red leaning states with booming urban centers, growing populations.. I recently moved to Dallas and amazed of the mentality of the state to throw as much money it can at businesses/developers even to the extreme end but it does seem in ways to favor growth state blue tending urban areas (get plenty of red leaning exploding exurbs in the mix as well). But business is business and development is development and we want it above all else seems to be the mantra. Somewhere is a balance but MO statehouse seems to want to destroy its most productive economic regions/cut off its nose in spite of itself.addxb2 wrote: ↑May 15, 2025Missouri failed again. Office conversion tax credit did not pass. Let’s hope he was serious when he said he didn’t require the tax credit.
At same time, city does have Rams settlement funds. A large scale housing development bucket that might ensure Jefferson Arms keeps on track/or offers more affordable units, stabilizes the Railway Exchange and or even kick start 909 chestnut seems like a very strong argument to make. Doing all three would be big for city. So probably a stronger argument for Rams settlement funds then my put some of the money to ensure Convention Center Phase II happen whether county chips in or not as you could incorporate affordable housing requirements into the mix.
City leadership/aldemen is another extreme to me that is on par with county next door with ninety some odd muni's all fighting for their little fiefdoms.
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My take is Missouri does nothing for its 2 biggest cities then tries to take credit for anything positive that’s comes from either. This state just has no direction at all I mean what in the actually hell do they want??? I just don’t see what the point this state is trying to make. Let’s be as anti development as possible.
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Wrong Missouri has big time direction, unfortunately the wrong direction. Not only does this state do nothing for this city I would argue that its hostile. The state has been stealing from this region and it needs to stop. Eventually the city won't be able to pay for all those upgrades in "Trump Country."PlatinumBlues wrote: ↑May 15, 2025My take is Missouri does nothing for its 2 biggest cities then tries to take credit for anything positive that’s comes from either. This state just has no direction at all I mean what in the actually hell do they want??? I just don’t see what the point this state is trying to make. Let’s be as anti development as possible.
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RIP
AT&T Tower developer says project on hold after state's failure to pass tax credit bill
https://www.bizjournals.com/stlouis/new ... redit.html
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AT&T Tower developer says project on hold after state's failure to pass tax credit bill
https://www.bizjournals.com/stlouis/new ... redit.html
Sent from my iPhone using Tapatalk
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Is the bill DOA in the legislature or will it possibly resurface? I was of the understanding Kehoe was all in on fixing STL.
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Unbelievable. Hopefully we get some insider text messages.
Asked for comment, Charles Goldman the managing partner of the Goldman group who purchased the AT&T Tower said the project is on hold and downtown is at risk. Could the building wind up back on the market? Goldman says they are selling.
https://www.audacy.com/kmox/news/local/ ... erm=KMOXAM
https://www.audacy.com/kmox/news/local/ ... erm=KMOXAM
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Good luck in the sellers market. I guess he didn’t buy it for much…
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jshank83 wrote: ↑May 16, 2025Asked for comment, Charles Goldman the managing partner of the Goldman group who purchased the AT&T Tower said the project is on hold and downtown is at risk. Could the building wind up back on the market? Goldman says they are selling.
https://www.audacy.com/kmox/news/local/ ... erm=KMOXAM
slight correction. the project continues.Goldman says they are not selling.
I don't understand why the city isn't offering Rams money to help pay for it. Seems like the exact type of "downtown investment" that Spencer says she wants the money to be used for.
Kehoe said that a "scaled down" version of the bill would have been "more palatable" for lawmakers. I genuinely hate these people. Zero people testified against the bill. No one. Both Democrats and Republicans testified in favor along with the Missouri Chamber of Commerce. These ***** axe the capital gains tax, cutting over $300M in revenue every year, but a $50M/project tax credit isn't "pallatable" enough for them.
Kehoe said that a "scaled down" version of the bill would have been "more palatable" for lawmakers. I genuinely hate these people. Zero people testified against the bill. No one. Both Democrats and Republicans testified in favor along with the Missouri Chamber of Commerce. These ***** axe the capital gains tax, cutting over $300M in revenue every year, but a $50M/project tax credit isn't "pallatable" enough for them.
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Gotta have sports. You know give the plebs bread and circuses (well at least the circus)
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That’s more than a slight change. Nonetheless it’s hard to see the path forward.dbInSouthCity wrote:jshank83 wrote: ↑May 16, 2025Asked for comment, Charles Goldman the managing partner of the Goldman group who purchased the AT&T Tower said the project is on hold and downtown is at risk. Could the building wind up back on the market? Goldman says they are selling.
https://www.audacy.com/kmox/news/local/ ... erm=KMOXAMslight correction. the project continues.Goldman says they are not selling.
This part is actually more infuriating than the capital gains tax part.chris fuller wrote: ↑May 16, 2025Gotta have sports. You know give the plebs bread and circuses (well at least the circus)
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guys (and gals) this cannot be your first rodeo with this?!?! we saw this rodeo with the Jefferson and Market hotel "its dead" 5pm monday, 8am Tuesday- we are negotiating