Maryland Heights-based hotelier Midas Hospitality is planning to build Kimpton Hotels & Restaurants and Staybridge Suites at Market Street and Jefferson Avenue at the campus of financial services firm Wells Fargo.
ST. LOUIS — A developer is seeking tax abatement for its dual-branded hotel planned next to the Wells Fargo campus.
Midas Hospitality has proposed to build a 304-room boutique Kimpton Hotels & Restaurants and an extended-stay Staybridge Suites, at Market Street and Jefferson Avenue.
The roughly $126 million project sits on the Midtown and Downtown West border and is a quarter-mile west from the new soccer stadium and other neighborhood attractions like Union Station.
Midas has demolished two vacant buildings it bought from Wells Fargo Advisors to make way for the hotels.
Buildings that were formerly part of the Wells Fargo campus at Jefferson Avenue and Market Street are seen in mid-demolition on Wednesday, June 7, 2023, at 2601 Market Street in Midtown. Midas, a Maryland-Heights-based hotelier, is working with Green Street Real Estate Ventures to plan a 170-room boutique Kimpton Hotels & Restaurants and a 129-room extended-stay Staybridge Suites for the location.
Arthur H. Trickett-Wile, Post-Dispatch
The Land Clearance for Redevelopment Authority, which reviews tax abatement requests in St. Louis, is in support of a 10-year tax abatement worth $7.3 million for the project, according to city documents.
The site currently generates $109,000 in taxes. The hotels are projected to generate $472,000 during the abatement period and $1.8 million once it expires, documents show.
The LCRA board is slated to the request on Tuesday.
St. Louis-based developer Green Street Real Estate Ventures was to partner with Midas on the project but is no longer involved.
Photographs from ÁñÁ«ÊÓƵ staff for the week beginning Oct. 29, 2023. Video by Beth O'Malley
Steph Kukuljan and other business reporters bring you insights into St. Louis-area real estate and development.
Maryland Heights-based hotelier Midas Hospitality is planning to build Kimpton Hotels & Restaurants and Staybridge Suites at Market Street and Jefferson Avenue at the campus of financial services firm Wells Fargo.
Buildings that were formerly part of the Wells Fargo campus at Jefferson Avenue and Market Street are seen in mid-demolition on Wednesday, June 7, 2023, at 2601 Market Street in Midtown. Midas, a Maryland-Heights-based hotelier, is working with Green Street Real Estate Ventures to plan a 170-room boutique Kimpton Hotels & Restaurants and a 129-room extended-stay Staybridge Suites for the location.
