NationsBank's $100 Million Commitment to Downtown St. Louis Development
NationsBank's $100 million commitment to downtown St. Louis development has been a game-changer for the city. The bank's direct investment in the Cupples Station Warehouse project, led by developer Richard Baron, has ensured the preservation of a historic warehouse district and brought together a $200 million redevelopment effort. This is not your typical bank involvement, as NationsBank is directly investing in the project, taking the same risks as the developer. This commitment has revitalized the south side of downtown, bringing financial commitments rivaling the city's largest redevelopment efforts.
Key Takeaways:
- NationsBank has committed $100 million to downtown St. Louis development, with $80 million already materialized.
- The bank is investing directly in the Cupples Station Warehouse project, becoming a co-developer with Richard Baron.
- NationsBank is taking a riskier approach by directly investing in the project, unlike other banks that purchase tax credits.
- The project, which may have a $200 million price tag, is receiving traditional assistance from Mercantile Bank.
- The redevelopment effort is comparable in magnitude to the iconic [TWA] dome.
- The project has revitalized the south side of downtown, bringing financial commitments rivaling the city's largest redevelopment efforts.
- NationsBank is the only bank to directly invest in a for-profit development project in St. Louis and Charlotte, N.C.
Statistics:
- NationsBank's commitment: $100 million
- Amount materialized: $80 million
- Project price tag: $200 million (estimated)
- Number of buildings in the Cupples Station complex: 10
- Number of years since Cupples Station was threatened with demolition: Not specified
Sources:
- "Downtown Development" by an unnamed author (Publication not specified)
- "NationsBank and Richard Baron join forces on historic St Louis redevelopment project" by Jeffry Young (Source unavailable)