Business & Tech
Clayton's Green Street Seeks to Rehab Former National Grocery Store on Jefferson in The Gate District
The company is asking the St. Louis Board of Aldermen for $1.36 million in tax-increment financing to help rehabilitate the 47,000-square-foot space that has been vacant since 2004.
According to a source in the construction industry, -based Green Street Properties has filed plans with the City of St. Louis to redevelop the 47,000-square-foot supermarket space at 1605 S. Jefferson Ave. in The Gate District just west of Lafayette Square. The space, which formerly hosted a National Supermarket, has been vacant since 2004.
Attempts to reach the City of St. Louis Board of Aldermen for confirmation and comment were unsuccessful as of Tuesday afternoon.
Green Street purchases distressed properties, secures tax incentives and Brownsfield tax incentives, and then develops the properties. Philip Hulse, Green Street's co-founder and principal, declined to comment because of pending business with regard to the project.
According to the source, Green Street is asking the city for $1.36 million in tax increment financing (TIF) to help subsidize the cost of redevelopment. The TIF will need the approval of the Board of Aldermen, and a public hearing concerning the issue will be held in January.
Green Street also wants to establish a community improvement district on the site that would levy an extra 1 percent sales tax to raise $340,000, according to the source.
Attempts to reach The Gate District Alderwoman Kacie Starr Triplett and her staff for comment were unsuccessful as of Tuesday afternoon.
Save-A-Lot has been mentioned as a prospective tenant by the source, and a possible second phase would involve buying an existing retail building next door and redeveloping it.
Green Street has been busy the last several years with a large South St. Louis purchase and an award-winning riverfront development.
In 2009, Green Street purchased a former 42-acre South St. Louis coal plant. The Carondelet Coke Corp. was the largest piece of city-owned dormant property when the company bought it. The property had been dormant since 1989.
Green Street plans to develop a 700,000-square-foot site at that location, the source said. It will have a combination of rail, barge and trucking from one location.
This site has been mentioned by construction industry insiders as a possible location for Anheuser-Busch heir Billy Busch and Musick Construction president Don Musick’s new craft brewery, The William K. Busch Brewing Company, which is bottling its product in Wisconsin while looking for a location in St. Louis.
In 2010, Green Street received the Development of the Year Award from the City of St. Louis for its 840 E. Taylor Ave. project in the City’s North Riverfront area. The 94,500-square-foot facility includes the renovation of two existing buildings and a 50,000-square-foot addition.
Goedecke, a construction supply company, occupies 54,500 square feet of the facility. Raben Tire, a provider of tire and tire-related services based in Evansville, IN, opened a 40,000-square-foot retread manufacturing plant. The two companies have created 110 jobs in the North Riverfront area.