ST. LOUIS — A city board has approved more tax incentives for a developer embarking on a 300-unit apartment project in the city's historic Soulard neighborhood.
The Land Clearance for Redevelopment Authority on Tuesday agreed to increase the amount of industrial revenue bonds to $54 million from $40 million. ×îÐÂÐÓ°ÉÔ´´-based Lux Living told the city that rising construction costs prompted the developer to seek additional money from its lender. Lux's lender, who was not named during the meeting, requested the increase in bonds before it agreed to give additional money. Â
The bonds are typically used to buy construction materials for the project and give the developer sales tax exemptions on the purchases. The bonds are Chapter 99 bonds and therefore don't require Board of Aldermen approval, LCRA staff said Tuesday.Â
Lux Living plans to build 300 apartments, 5,600 square feet of commercial space and a parking garage for 330 vehicles. The project, at 1501 South Seventh Street, is slated to wrap up in 2022.Â
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The city awarded Lux Living $40 million in bonds and 10 years of real estate tax abatement in April 2020.Â
Lux Living is a prolific multifamily developer in ×îÐÂÐÓ°ÉÔ´´. Principal Victor Alston did not respond to a request for comment.Â
