A bank is now located at 14th & Washington Ave. Well, not exactly, a Commerce Bank ATM & surface parking lot now occupy this corner. In February 2007 the vision was much grander:
Metropolitan Development Enterprises is planning to build a $67 million, 22-story condo tower in the heart of the Washington Avenue loft district. The tower is the largest new-construction residential building proposed for downtown.
Chicago-based Metropolitan was expected to present plans to build the mixed-use building at 1400 Washington, on the site of Erlich’s Dry Cleaners, at a Tax Increment Finance Commission meeting Feb. 22. Metropolitan has requested $12 million of TIF for the project. (St. Louis Business Journal)
Surface parking is a good short-term land banking strategy. Now the land can bring in revenue until funding is fully in place for the next phase at this corner. I just hope that next phase begins within the next 5 years.
– Steve Patterson