(KMOV) – An out-of-state developer is stepping in with big plans for a vacant Downtown St. Louis building.
St. Louis Arcade building, an old city landmark, was purchased for $9 million to a Minneapolis firm this week. They plan to spend about $100 on the building to turn it into a retail and residential center.
The 18-floor, half a million square feet dormant building has been rotting away in the heart of downtown St. Louis for several years.
Dominium Development plans to turn the building into 250 apartments and three floors of retail space.
News 4 was unable to talk with a representative from Dominium Development on this new project.
Six years ago, a similar plan was announced for the same building, promising condos, office space and stores but that deal fell through when the developer flopped.
News 4 asked St. Louis City officials about this new deal and they said it’s a very difficult financial arrangement they are pulling together because of the size of the building and condition.
“We’re confident based on the feedback that we can make this deal work,” Otis Williams of the St. Louis Development Cooperation said
If the deal goes through, work could begin by the end of 2013. City Hall tells News 4’s Matt Sczesny there are now less than 30 vacant buildings in downtown St. Louis.