Slay says sale of downtown Macy’s building in the works
Sale of the Railway Exchange Building in downtown St. Louis is moving ahead with local developers prepared to reconfigure its main tenant–Macy’s–to three floors.
That’s the word this morning on Mayor Francis Slay’s website, mayorslay.com. According to the website, the city’s tax-increment financing commission is scheduled to review the Railway Exchange project and set a public hearing to consider it.
Local developers Rick Yackey and Bill and Brian Bruce will buy the building and reconfigure Macy’s to occupy 125,000 square feet on the building’s first three floors, Slay says on his website. Two floors of Macy’s office space on the upper floors will also be preserved. The new owners plan to lease the remainder of the building for office and other non-residential uses over time, according to mayorslay.com.
The site adds: “This is not a done deal – or a quick fix. The TIF process is only part of the developers’ due diligence. In the best case, the developers will not close on the purchase until early next year. And it may take a while for the building to be fully reoccupied.”
Slay says on the website that he wants the store to be busy year-round and to sell things that 90,000 downtown workers and more than 10,000 downtown residents want to buy.
(2 votes, average: 5 out of 5)
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‘Reconfigure’ means reduce..Macy’s is reducing. Reconfiguring Union
Station means reducing. Reconfiguring ballpark village is - reducing.
Downtown retail continues to suffer. Downtown needs travel critical mass again…not just on baseball weekends. There is obviously not enough
local ‘critical’ mass. Other cities addressed that years ago. The adapted.
Downtown performing arts centers deliver people who stay a night or two
in downtown hotels and motels…and more nights if they attend or
participate in festivals. And, they have time to shop.
Kiel Opera House-now. NO, not the entire answer. Not making that claim.
But essential? I’ll make that claim. That has never changed.
^
Maybe if you repeated yourself a few thousand more times, people would listen.
Brian..thank you…that’s the plan.
Ed, Ed, Ed, Ed, ED, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed, Ed
take your medicine.
Back to the article…after a little fun. “Reconfiguring”? NO.
Reducing? Yes. Downsizing? Yes. Less retail downtown? Yes. Another TIF? Yes.
Then, is it good Macy’s is staying? Of course.