Storefront Still Vacant A Decade Later, Tax Dollars Wasted?
The Renaissance Hotel, Ballrooms and parking garage were built in 2002, a decade ago. Like most deals, it was complicated and players took fees off the top. But tax money was also involved.
The Missouri Development Finance Board was involved in the financing of the hotel and building the garage, from their 2003 annual report:
The decrease in operating income from 2002 to 2003 is primarily related to the decrease in loan and note receivable interest income from 2002 due to the pay off of the St. Louis Convention Center Hotel loan receivable. The St. Louis Convention Center Hotel loan’s outstanding balance as of June 30, 2002, was $13,455,000 with an interest rate of 9.5% with interest income of $1,753,225 and $759,329 earned in FY2002 and FY2003, respectively. Other considerations for the decrease in operating income are a decline in participation fee income of $179,540 and an increase in professional fees of $139,862 for FY2003.
I just find it curious when I go down 10th Street I see a thriving Stefano’s and an Edible Arrangements location on the west side of this building but on the east side, facing the hotel, a retail space remains empty — for a decade! Shouldn’t someone be trying to get this space leased? What must visitors think when they see this?
A restaurant with sidewalk dining would be nice, the building would provide shade for dinner. The city has the parking lane marked off as no parking, that’d need to change to lease this space. But how does it happen that no visible effort is made to lease a space for a decade?
— Steve Patterson
