New Markets Tax Credit Investments
One City CentreSt. Louis, Missouri
CityScape Capital Group assembled the key tax credit equity financing for the $35 million renovation of the One City Centre office building located at 600 Washington Street in St. Louis, MO.
SCR Investments is leading the revitalization of an underutilized former high-end Class A office building in downtown St. Louis which had fallen into disrepair due to mismanagement. The building is being improved and upgraded into 375,000 square feet of Class A office space. It is estimated that the initial renovation phase of the project created over 100 temporary construction jobs and more than 350 full-time permanent jobs and is ultimately expected to create over 1,000 full-time permanent jobs in a census tract with 17.3% poverty rate and 10.6% unemployment rate.
The One City Centre redevelopment project will return to the St. Louis downtown a critical office building which through neglect and lack of maintenance had lost all but one major tenant. The rehabilitation includes extensive upgrades to the building's infrastructure as well as tenant improvements for several new tenants.
The One City Centre redevelopment project is one of three components of a $220 million redevelopment initiative for the St. Louis central business district aimed at transforming a crucial 3 square block area adjacent to the convention center. Along with the One City Centre redevelopment, the initiative includes redevelopment of the St. Louis Centre and the Dillard's Building.