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 $4.1 Million in Tax Credits to Rehabilitate Jennings Shopping Center Approved
By: Darin "Sid" Cameron, CRS
Sat, Dec 24th, 2005 10:06 pm

This is a huge story for residential real estate in the North County area of St. Louis County.  Below are excerpts from the Missouri Dept. of Economic Development's Press Release.

Gov. Matt Blunt has announced approval of nearly $4.1 million in state tax credits that will aid redevelopment of the River Roads Shopping Center in the North St. Louis County town of Jennings – a project that is expected to create at least 160 new jobs and hundreds of housing units in the area.

The Missouri Department of Economic Development approved up to $3,075,105 in Brownfield Redevelopment Program remediation tax credits and another $1 million over a two-year period of Brownfield Jobs and Investment benefits for business locating within the new development area at Halls Ferry Road and Jennings Station Road. The tax credits will help offset costs involved in the cleanup of asbestos, lead-based paint and underground storage tanks at the site.

The River Roads Mall opened in the mid-1950s, but a demographic shift in the ‘80s resulted in a slow demise of commerce and employment in the area. Owner/developer Pyramid Construction Inc. plans to invest more than $31 million to redevelop the site into over 15 retail stores, a new city hall facility, a three-story 96-unit senior citizens development and more than 200 new single-family homes.

The property meets the under-utilization requirements of the Brownfield Redevelopment Program and was accepted into the Department of Natural Resources’ Voluntary Cleanup Program in September.

The Brownfield Redevelopment Program provides financial incentives for the redevelopment of publicly owned commercial/industrial sites that were abandoned because of contamination caused by hazardous substances.

[ Next Article: FAQ for Our Rehab Homes in Fox Park ]
[ Previous Article: State Tax Credits Will Aid Procter and Gamble Expansion in St. Louis ]

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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