ST. LOUIS 鈥 The developer trying to revive the empty AT&T tower downtown said Friday his plans were in limbo after state lawmakers ended their session this week without approving a key subsidy.
Charles Goldman, of Boston-based Goldman Group, said he would pursue all available options to finance the redevelopment project, but warned it would not be easy.
鈥淭here is no obvious answer,鈥 he wrote in a text message. 鈥淭he gap is large.鈥
The comments marked a painful aftershock of lawmakers鈥 decision to set aside a bill offering $50 million in state tax credits to help developers convert empty offices into apartments. The legislation was seen as key to Goldman鈥檚 plan to transform the tower with hundreds of new apartments and amenities.
And business leaders have said bringing the building 鈥 and others like it 鈥 back online is key to downtown鈥檚 future in a post-pandemic world where office space is harder to sell.
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The 1.4 million-square-foot tower, which occupies an entire city block at 909 Chestnut Street, has been a long-standing albatross since its last tenant, communications company AT&T, consolidated in 2017 into its smaller tower next door.
A handful of developers have already tried to save it, to no avail. Officials have cited its size, its lack of parking, and general malaise in the downtown market as impediments.
But there has been hope for a breakthrough in recent years: The building got listed in the National Register of Historic Places in 2023, making it eligible for historic redevelopment tax credits. That same year, aldermen approved significant tax abatements for redevelopment. Then last year, area state lawmakers introduced a plan to offer incentives to developers converting unused office space into new apartments and retail, and Goldman Group bought the building.
Goldman proposed turning parts of the building into hundreds of new apartments and amenities like a grocery store, caf茅 and sports court. Plans also called for an automated parking system in the building that address the parking issue.
On Friday, Goldman said getting the project and others like it done remained imperative.
鈥淲ithout an answer to address the massive office vacancy crisis downtown, St. 香港三级片 faces serious economic risk,鈥 he said.
