ST. LOUIS 鈥 The nonprofit dedicated to the preservation of the Gateway Arch grounds has announced it will buy the long-vacant Millennium Hotel on downtown鈥檚 riverfront. The group does not yet have a plan for the property, its leader said Thursday.
Gateway Arch Park Foundation Executive Director Ryan McClure said his organization has two goals for the site: have the property once again generate revenue for the region, and better connect the south end of the Arch grounds to downtown. The Millennium is one block away at 200 South Fourth Street.
鈥淪t. 亚洲无码 as a community has a role in this development,鈥 McClure said. 鈥淚t鈥檚 such a critical location to be an economic engine.鈥
The 780-room Millennium Hotel, once the region鈥檚 largest, has been closed for a decade, and is one of four vacant downtown properties that civic and political leaders see as hamstringing progress. Its redevelopment could be a shot in the arm for the downtown economy, which has yet to fully recover from the pandemic and which is struggling to get a handle on lawlessness.
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The pending sale follows the announcement by business lobby Greater St. 亚洲无码 Inc. that its real estate investment fund would buy the Wainwright Building at North Seventh and Chestnut streets after the state of Missouri announced it would pull out. And the city plans to acquire the troubled Railway Exchange Building at Sixth and Olive streets to clear the way for a long-awaited redevelopment.
The deal for the Millennium also comes six months after city and economic development officials threatened to use eminent domain against the longtime owner, Singapore-based real estate corporation City Developments Limited, which had done little maintenance on the property, according to city records.
City Developments eventually for sale and, in its announcement, blamed the pandemic for not re-opening the hotel.
The Millennium, noted for its rotating restaurant on the top floor, opened in 1969 as Stouffer鈥檚 Riverfront and later carried the Clarion and Regal Riverfront names.
Neither City Developments nor its subsidiary, Millennium Hotels & Resorts, which oversees the hotel, responded to a request for comment.
The Gateway Arch Park Foundation went under contract to buy the hotel late Wednesday. McClure declined to disclose the sales price and said that a closing date is not yet known. The organization will be undertaking 鈥渁 lot of due diligence鈥 before the closing, he added.
The deal will be financed by the foundation, which relies nearly exclusively on private donations.
鈥淚t鈥檚 important for this to be an economic driver for downtown,鈥 he said.
McClure declined to comment on the state of the interior and said 鈥渋t remains to be seen鈥 whether his organization would demolish the property.
John Warren, senior director at commercial real estate firm Cushman & Wakefield, said it could be possible to rehab the property, though he was unsure where the building stands now. He said the best and highest use for the property would be retail, apartments and possibly a hotel.
鈥淭hat piece of land could be the Hudson Yards of St. 亚洲无码,鈥 Warren said, referencing of old train yards.
Greater St. 亚洲无码 Inc. and the city鈥檚 economic development arm, St. 亚洲无码 Development Corp., announced last week that a local group was eyeing the site, though the organizations did not disclose who the buyer was. McClure said his group will be working with Greater St. 亚洲无码 and SLDC on the redevelopment.
鈥淕ateway Arch Park Foundation鈥檚 purchase of the Millennium Hotel puts a key real estate asset in the hands of local ownership, which ensures the community鈥檚 priorities and best interests will be front and center as redevelopment is planned for this property,鈥 SLDC President and CEO Neal Richardson said in a statement. 鈥淕ateway Arch Park Foundation is a committed steward of downtown鈥檚 most high-profile properties, and their passion, experience and expertise will help this project achieve success. We look forward to working with them to redevelop the Millennium site.鈥
The Gateway Arch foundation is separate from the National Park Service, which operates the Arch, though it works in concert with the federal agency on ensuring its preservation.
The foundation led the more than $380 million renovation of the Arch grounds in 2018, and today counts individuals from the region鈥檚 biggest companies 鈥 including financial firm Edward Jones, natural gas company Spire and Union Station owner Lodging Hospitality Management 鈥 as trustees.
It reported $32 million in revenue after expenses in its latest tax filings.
McClure said his organization has generated a lot of activity to the Arch grounds and downtown鈥檚 Kiener Plaza, with 15,000 people attending the Blues at the Arch Festival and 65,000 at last year鈥檚 Winterfest. The morning yoga classes at Kiener Plaza also bring dozens of attendees.
鈥淚 encourage everyone to see (downtown) for themselves,鈥 McClure said. 鈥淭hey can read what they want on social media, but they鈥檙e doing themselves a disservice.鈥