ST. LOUIS- The St. Louis Board of Aldermen will hear the first reading of a bill Friday that would issue bonds for a mixed-use residential/retail project in Midtown that could include a Target store along with nearly 200 apartments.
Pier Property Group is the developer behind the Steelcote Gratiot LLC project. The proposed $60 million bonds would be used for a sales and use tax exemption on construction materials. Alderwoman Marlene Davis, the bill’s sponsor, has already introduced another bill that would form a Community Improvement District for the project.
Lease revenues, not city tax dollars would be used to pay off the bonds.
Alderwoman Davis and a representative for Pier Property Group have both declined comment.
A Target spokesperson was not ready to confirm the company’s involvement in the project.
“We are pursuing the opportunity to reach guests in the St. Louis Midtown neighborhood, but at this time, we’re not at a point where we can share any new store plans,” a representative told FOX2 Thursday afternoon.