St. Louis launches new incentives to attract retail businesses to downtown
ST. LOUIS – Community leaders are hoping to attract more retail businesses to downtown St. Louis through new incentives.
Greater St. Louis, Inc. and the St. Louis Development Corporation have partnered to provide $350,000 in incentives. The organizations hope to “drive vibrancy and economic activity in Downtown St. Louis,” according to a news release.
The current incentives package offers up to $15,000 per storefront that activates a downtown pop-up retail shop in a vacant storefront and up to $5,000 for restaurants per storefront.
Results: April 2 Missouri Municipal Election
The package will also offer up to $50,000 in grants for new retail establishments to move forward with interior and exterior tenant improvements. The funding would also support property owners with a rent backstop to mitigate risks.
“Downtown St. Louis is a dynamic market, but it needs more retail activity. The incentives on which we are partnering with SLDC are designed to attract high-quality businesses of all sizes to the heart of the St. Louis metro,” said Kurt Weigle, Chief Downtown Officer for Greater St. Louis, Inc.
According to the news release, SLDC is hopeful for new pop-up shops with handmade items, outdoor seating for restaurants and major retail chains opening stores in Downtown St. Louis.
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“Downtown is the heart of the entire St. Louis region. Expanding access to high-quality retail options and supporting downtown businesses is vital to the long-term economic health of the city,” said SLDC’s President & CEO, Neal Richardson. “COVID had a detrimental impact on retail in downtown. The Downtown Retail Incentive Program is part of SLDC’s overall strategy to support businesses in areas of the city that may not directly benefit from the American Rescue Plan Act resources. These investments and activations will help make downtown St. Louis a more attractive neighborhood for residents, businesses, and visitors.”
Businesses and downtown property owners seeking more information on incentives should CLICK HERE for more details.
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