The riverfront revitalization in downtown St. Louis received a major boost when Gateway Arch Park Foundation closed on the purchase of the 4.2 acre Millennium Hotel property, which is being redeveloped into a mixed-use facility.
Earlier this year, the Foundation selected The Cordish Companies to redevelop the vacant site, and it released preliminary plans for a $670 million mixed-use redevelopment, which includes 1.3 million square feet of residential, office, commercial and cultural spaces.
The former Millennium Hotel has stood vacant since 2014. The property's redevelopment continues the momentum of the Gateway Arch National Park and riverfront areas, which have seen renewed investment and increased visitation since the completion of the CityArchRiver project and the recent reopening of the Old Courthouse.
“Gateway Arch Park Foundation has its origins in visionary projects like CityArchRiver,” Ryan McClure, executive director of Gateway Arch Park Foundation, said in a statement. “We have brought that same tenacity and courage to the Millennium Hotel site, with our mission at its core: to help Gateway Arch National Park and surrounding areas in Downtown St. Louis thrive and to reconnect our city with our riverfront. We’re thankful to our donors and supporters who believe in our mission and in our track record of transformative partnerships that make big things happen for our region. When we work together, St. Louis reaches its greatest potential.”
The closing paves the way for the Gateway Arch Park Foundation and The Cordish Companies to work with the public sector on a public-private agreement required for the development to go forward, according to the company. While further details of the construction process will come in future announcements, the acquisition itself signals progress on a significant civic priority for St. Louis.
“The Cordish Companies is incredibly excited to continue advancing this transformative project with our partners, the Gateway Arch Park Foundation,” said Zed Smith, COO of The Cordish Companies. “This development is a once-in-a-generation moment to reimagine downtown’s urban core and will act as a catalyst for further revitalization. As a next step, we look forward to working with the Foundation and public sector on the public private agreement necessary for the development to proceed.”