A St. Louis panel has cleared the way for 10-year tax abatement on a downtown boutique hotel project.
ViaNova Development, of Chattanooga, Tenn., plans an 88-room hotel for the LaSalle building at 501 Olive Street and the adjacent Paradowski building at 303 North Broadway.
The city's Land Clearance for Redevelopment Authority advanced a measure Tuesday that could allow up to 10 years of tax abatement on improvements made to the property.
Via Nova representatives say they still hope to complete the $9.6 million renovation project by next fall. Building acquisition costs were nearly $2 million. Construction should start soon.
While parking isn't available on site, company representatives told the board they are in discussions with valet services that could store guest vehicles in nearby garages.