Plans for Cortex project change
Plans for the Cortex tech district project have been altered, according to an announcement made January 6, 2017 by the district's chief executive, Dennis Lower. The complex was to include a hotel, apartments, a parking garage, and a building providing space for laboratories and offices. Now, the garage and housing units have been deleted from the plans, which will be reworked.
Lower said officials decided to reconsider the garage and apartments after deciding the original project was too expensive. He also noted that the projects have not been canceled, merely delayed, with construction of the laboratory building still scheduled to begin before the end of February, 2017. The project as currently envisioned will cost about $100 million.
The original designed called for 220 apartments to be built over the parking garage, which had 1,000 parking spaces. The developers discarded the design, in part, because putting the utility and elevator shafts to the apartments through the garage was prohibitively expensive.
Part of the financing comes from the public via the St. Louis Tax Increment Financing Commission (TIF), which agreed to give the project $9.5 million. Such funding has to be approved by the Board of Aldermen. Lower believes the reworked designs will be ready to be reviewed by the board this year.
Projects like this can benefit if developers work with newsletter printing companies to create informative materials for area-wide distribution.
Lower said officials decided to reconsider the garage and apartments after deciding the original project was too expensive. He also noted that the projects have not been canceled, merely delayed, with construction of the laboratory building still scheduled to begin before the end of February, 2017. The project as currently envisioned will cost about $100 million.
The original designed called for 220 apartments to be built over the parking garage, which had 1,000 parking spaces. The developers discarded the design, in part, because putting the utility and elevator shafts to the apartments through the garage was prohibitively expensive.
Part of the financing comes from the public via the St. Louis Tax Increment Financing Commission (TIF), which agreed to give the project $9.5 million. Such funding has to be approved by the Board of Aldermen. Lower believes the reworked designs will be ready to be reviewed by the board this year.
Projects like this can benefit if developers work with newsletter printing companies to create informative materials for area-wide distribution.