ST. LOUIS – Gov. Matt Blunt today announced that Parkside Towers, LLC, has been awarded $5.1 million 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 known as Park Pacific, located at 210 North 13th Street.
The existing building was vacated in 2003 by Missouri Pacific Railroad. Approximately 70 percent of the project property consists of undeveloped land since the buildings were cleared over five years ago.
These tax credits will facilitate the redevelopment of this property into mixed use developments of restaurants, retail, commercial offices and residential condos. The state’s investment will help create an estimated 396 new jobs.
“I am pleased that the state is able to partner in this effort to rehabilitate old buildings and create new jobs in St. Louis,” Blunt said. “The Department of Economic Development has stood side by side with St. Louis and other communities across the state actively working to enhance opportunities for all Missourians.”
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.
