← Public Scope Zones 1 & 2: Real, Sourced Zone 3: Not Claimed
St. Louis, MO · 615 Olive Street, downtown St. Louis

Railway Exchange Building Redevelopment

Tier 2 Filed / Proposed Not inside an assessed special tax district Mechanism: LCRA condemnation + pending state historic tax credit
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Zone 1 - The RecordPlat Street · Cited · Not editable by claimed accounts

St. Louis' Land Clearance for Redevelopment Authority (LCRA) took possession of the Railway Exchange Building via condemnation and has spent public money stabilizing the site. No developer or financing plan has been selected yet; SLDC (St. Louis Development Corporation) was preparing to issue a request for proposals as of the most recent reporting. The building is one of only two Missouri buildings over 1 million square feet on the National Register (the other being 909 Chestnut, PS-2), making it a specific intended beneficiary of HB 3080's expanded large-property historic tax credit category (35% credit, $60M+ in credits available). The building's appraisal at the time of condemnation was $5.3M against $30M+ in existing mortgage debt.

Funding Stack

SourceAmountMechanismStatus
LCRA acquisition (adjacent parking garage/lot parcels)Prior St. Louis reporting - LCRA acquisition of adjacent parcels; ~$2.6M reported ~$2.6M Public redevelopment authority acquisition Spent
LCRA security spendingPrior St. Louis reporting - $78,000 committed for site security $78,000 Public redevelopment authority stabilization Committed
State historic tax credit (HB 3080 large-property category)HB 3080, signed July 13, 2026 - 35% credit for large historic properties, $60M+ in credits available; no application reported as filed Eligible; not yet applied
⚠ No application filed under new terms		 State historic preservation tax credit (35% large-property) Eligible (not yet filed)
Renovation financingEstimated total renovation cost $300-400M; no developer or financing plan selected Est. $300-400M
⚠ Unfunded; no financing plan		 Undetermined No plan selected

Confirmed public spending to date totals approximately $2.68M ($2.6M acquisition + $78,000 security). The estimated $300-400M renovation cost is entirely unfunded. The LCRA acquisition dollar figures should be confirmed against LCRA's own public filings rather than news paraphrase. The building's appraisal was $5.3M against $30M+ in existing mortgage debt at the time of condemnation.

Project Team

  • Land Clearance for Redevelopment Authority (LCRA) public redevelopment authority; site control via condemnation
  • St. Louis Development Corporation (SLDC) preparing RFP for developer selection
  • No developer selected yet. Steve Stogel's team was associated with the site in earlier reporting; current involvement unconfirmed given the property's contested litigation history with prior owner Hudson Holdings.

Approval & Funding Timeline

  • 2023-01LCRA emergency condemnation action takes possession of the Railway Exchange BuildingLCRA condemnation records
  • 2023-2025LCRA spends ~$2.6M acquiring adjacent parking garage/lot parcels and $78,000 on site securityPrior St. Louis reporting
  • 2026-07-13Governor Kehoe signs HB 3080, making the Railway Exchange eligible for the 35% large-property historic tax credit category ($60M+ in credits available)Governor Kehoe press office
  • PendingSLDC issues RFP for developer selection (was preparing as of most recent reporting; status may be stale)Verification needed - RFP status
  • PendingApplication under HB 3080 large-property historic tax credit category (not yet reported as filed)Verification needed

Litigation & Legal Filings

LCRA condemnation of the Railway Exchange Building
Condemnation action, not litigation - LCRA exercised eminent domain authority to take possession of the building. Prior owner Hudson Holdings had a contested litigation history with the site.
Condemnation completed
The LCRA took possession via condemnation in January 2023 (emergency condemnation). The building's appraisal at the time was $5.3M against $30M+ in existing mortgage debt. Prior owner Hudson Holdings had a contested litigation history with the site; whether Steve Stogel's team (associated with the site in earlier reporting) remains involved is unconfirmed.
Zone 2 - Official Notices & Public MeetingsPlat Street · Sourced to public reporting
Condemnation Action
LCRA emergency condemnation takes possession of the Railway Exchange Building · 2023-01
Legislative Action
Governor Kehoe signs HB 3080, expanding the state historic tax credit to 35% for large properties with $60M+ in credits available - makes Railway Exchange eligible · 2026-07-13
Pending RFP
SLDC preparing to issue a request for proposals for developer selection - status may be stale · pending (verification needed)
Zone 3 - Claimed by the Project TeamNot Claimed
⚠ This page has not been claimed. No developer has been selected for this site. Neither SLDC, LCRA, nor any developer team has an account on Public Scope. No project team statement, renderings, or documents have been submitted.

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Zone 4 - From the CommunityOpen comment
This is open comment, not an official record. No community submissions yet.
GeometryProject location, approximate
Approximate location: Railway Exchange Building, 615 Olive Street, downtown St. Louis, MO.

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