Midtown, LLC, has been awarded $212,500 in remediation tax credits under the Brownfield Redevelopment program by the Missouri Department of Economic Development (DED). The credits will be utilized to facilitate the redevelopment of the property, located at 3010 and 3016 Locust Street in St. Louis.
These tax credits will facilitate the redevelopment of this property into a mixed use development consisting of commercial office space, a restaurant, apartments and residential condos. Midtown, LLC, anticipates the state’s investment will help to over 56 new jobs with an estimated payroll of $2.14 million.
The 3010 building has been unoccupied for at least three years; the 3016 building has been used for storage of automotive parts with no employment and has been unoccupied for at least three years.
The Brownfield Redevelopment Program provides financial incentives for the redevelopment of commercial/industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized for at least three years.
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