St. Louis considering list of tax subsidies for northern waterfront plan

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The City of St. Louis has begun proposing a list of grants that could be awarded for the proposed $325 million entertainment, dining and retail complex along the Mississippi River north of St. Louis.

The 67.5 acres Lighthouse Point Project at 11000 Riverview Drive on the St. Louis County line is still in the design stage after the Port Authority of St. Louis voted last month to enter into a preliminary agreement with developer, M3 Development Partners of Nashville, Tennessee. Built on the site of the former North Shore golf course, the project could include a marina, water park, 35,000 square foot conference center, 375 hotel rooms, 30,000 square feet of retail and , eventually, 50 condominiums, among other attractions, according to the developer’s preliminary plans. M3 said last month it would soon complete a master plan and could start infrastructure works by the second quarter of 2023.

The alderwoman who represents the site, Lisa Middlebrookrecently introduced a series of bills that could give the project tax subsidies.

Under the plan, Lighthouse Point would receive a property tax abatement over 15 years, starting with five years at 90% of the incremental improvements’ assessed value, followed by five years at 75% and five years at 50%. The city’s port authority would have the final say on the cuts. The project would also benefit from a sales tax exemption on building materials. The bill dealing with these subsidies was introduced on September 30 and assigned to the Council of Aldermen’s Transport and Commerce Committee.

Click here for the full story and photos from the St. Louis Business Journal.

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