City of St. Louis, MO

07/23/2024 | Press release | Distributed by Public on 07/23/2024 10:51

City of St. Louis Public-Private Partnership Takes Major Steps Forward To Address Railway Exchange Building

City of St. Louis Public-Private Partnership Takes Major Steps Forward To Address Railway Exchange Building

Jones, Department of Public Safety, SLDC and others have taken action to secure and stabilize the Railway Exchange Building Downtown

July 23, 2024 | 2 min reading time

Mayor Tishaura O. Jones, along with the Department of Public Safety (DPS), St. Louis Development Corporation (SLDC), and Greater St. Louis Inc. (GSL), has taken bold action to secure and stabilize the Railway Exchange Building in Downtown St. Louis.

On May 17, Mayor Jones stood with city leaders and challenged SLDC and GSL to deliver a realistic and ambitious plan to address the Railway Exchange Building and the Millennium Hotel within 120 days.

In June, the security firm Citizens Guard Security (CGS), which had previous experience with the building, was hired by the Department of Public Safety to secure both the main building and the adjacent parking garage by having a very strong visible presence to deter and prevent crime before it occurs.

"Through public-private partnerships, we've stopped the Railway Exchange Building from serving as a magnet for crime," said Mayor Tishaura O. Jones. "We've also put the owners on notice that neglect is no longer welcome in the City of St. Louis."

On June 28, 2024, the St. Louis Development Corporation sent a letter to Hudson Holdings, the owners of the Railway Exchange, to notify them of the City's intent to acquire the property through the Land Clearance for Redevelopment Authority (LCRA), a development board staffed by SLDC, and that the City would submit an offer letter to the owners to purchase the property.

"We have been moving aggressively to accelerate the process of securing Railway Exchange with the ultimate goal of stabilizing it for future redevelopment," said SLDC's President & CEO, Neal Richardson. "While eminent domain is the solution of last resort, after lengthy conversations with interested developers and legal experts, it became clear that given the complex financing structure put in place through prior redevelopment initiatives and the nature and level of encumbrances on the property, the best way to move negotiations with all parties forward and acquire a clean title was to initiate eminent domain.

The letter also makes clear to the property owner that if LCRA cannot reach a binding agreement with Hudson Holdings, the City can file a petition for eminent domain in Circuit Court to acquire the property.

"Bold action is necessary on these problem properties, and we are working in partnership with the City to address these challenges head-on and quickly," said Kurt Weigle, Chief Downtown Officer for Greater St. Louis, Inc. "The steps taken by the City, coupled with our ongoing work on potential options for Railway Exchange and Millennium, make clear that we are not waiting for the 120-day deadline to come upon us to get to work."