Posted: Jun 21, 2012 9:50 AM by Associated Press
ST. LOUIS (AP) - St. Louis Union Station could soon get a transformation.
The one-time railroad terminal turned into a retail center has been struggling for many years. The St. Louis Post-Dispatch reports that after a bidding process, a sale is nearing completion. Details of redevelopment plans have not been released.
The newspaper says two suburban St. Louis companies, Lodging Hospitality Management and THF Realty, are working to buy Union Station and redevelop the site in a $50 million renovation that includes some public financing. THF is owned by Stan Kroenke, owner of the St. Louis Rams.
The sale is under contract. Final details are being worked out.
St. Louis Development Corp. is considering a $5 million allocation of federal New Markets Tax Credits to help the project.