DED announces St. Louis organizations to receive $1.65 million in Brownfield Redevelopment Tax Credits
ST. LOUIS – March 17, 2009 – (RealEstateRama) — The Missouri Department of Economic Development (DED) today announced that two St. Louis organizations have been approved for up to a total of $1,658,570 in remediation tax credits through the Brownfield Redevelopment Program.
Remediation tax credits for up to $1,228,791 have been approved for 8000 Michigan, LLC, for the redevelopment of the property at 8125 Michigan, known as the former Coca Cola Syrup Plant. The tax credits will be utilized to redevelop the property into a mixed-use development of ground floor commercial space and condominium units. The developer anticipates the redevelopment will create 96 new jobs.
The property, built in several stages from 1919 to 1939, has been underutilized for at least 20 years. Currently less than one-third of the building is used for storage; the remainder of the building is vacant.
The property has the presence of asbestos and lead-based paint.
MDLPG, LLC, has been approved for up to $429,779 in remediation tax credits for the redevelopment of the property at 1246 Lewis Street. MDLPG, LLC proposes to redevelop the property into commercial office, retail and restaurant space. The developer anticipates the redevelopment will create 157 new jobs.
The 61,600-square foot building, built around 1902, was previously used as an electric distribution facility until it was decommissioned in the 1970s. It has remained vacant since then.
The building is contaminated with asbestos and lead-based paint.
The Brownfield Redevelopment Program provides financial incentives for the redevelopment of commercial or industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized for at least three years. Applicants may be approved to receive state tax credits for eligible remediation costs; tax credits provided for jobs and investment; and demolition costs.
Contact: John Fougere (573) 522-5058
