Newspaper article St Louis Post-Dispatch (MO)

Building Blocks

Newspaper article St Louis Post-Dispatch (MO)

Building Blocks

Article excerpt

Highlights from our real estate and development blog:

Pittsburgh Pipe gets tax break for new HQ * Pittsburgh Pipe won the endorsement of a city board for 10 years of tax abatement on its new headquarters building at 2331 Hampton Avenue.

The company plans to move its headquarters from Humboldt Avenue on the north St. Louis riverfront to the two-story office building, and the tax abatement will help offset the $550,000 renovation of the vacant, two-story building. It purchased the building for $675,000 a year ago.

St. Louis' Enhanced Enterprise Zone board, which can offer tax abatement and other incentives to businesses adding jobs in certain parts of the city, recommended the Board of Aldermen give final approval to the incentives.

Pittsburgh Pipe plans to employ about 30 people at its new headquarters and add eight new employees initially. It has operated in St. Louis for 37 years.

CEO Joe Bergfeld told the board that while the company had to move its manufacturing operations to a plant in Litchfield, Ill., he wanted to keep its business operations in the city. Over the next three years, he expects headquarters employment to grow to about 50 people in St. Louis, he said. (03.21)

Developers of South Grand apartments get extra tax break * With tax abatement already in hand, the developers of a large south St. Louis apartment project won an extra city incentive on Tuesday after pointing out it was located outside the strong central corridor market.

Representatives and attorneys from Altus Properties, which is developing the YMCA site into 90 to 120 apartments, presented the project to the city's Land Clearance for Redevelopment Authority on Tuesday. MBR Management is partnering with Altus on the development to rehab the old Pelican building next to the YMCA as retail space and apartments.

The new apartments planned for the old YMCA site on South Grand Boulevard should start construction in June and be open by mid-2018.

The St. Louis Board of Aldermen last month approved 10 years of tax abatement for the project. The developers were back in front of the LCRA asking for a sales tax exemption on construction materials, the cost of which are expected to reach about $6 million. …

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