It’s been about a year since a certain national newspaper published an article we won’t name (but all remember) that painted downtown St. Louis as a “real estate nightmare.” While the headline ruffled feathers across the region, it may have also served as the jolt needed to accelerate meaningful progress.

In May 2023, Mayor Tishaura Jones challenged the St. Louis Development Corporation (SLDC) and Greater St. Louis Inc. to present a plan for two of the city’s most prominent vacant properties: the Millennium Hotel and the Railway Exchange Building. One year later, both sites are on a path toward transformation.

In September, the Gateway Arch Park Foundation entered into a contract to purchase the Millennium Hotel and later selected The Cordish Companies to lead a $670 million mixed-use redevelopment of the property—an ambitious plan that promises to reinvigorate the riverfront corridor.

In March, the city finalized the acquisition of 10 of 11 parcels adjacent to the Railway Exchange Building and filed suit to seize the final property. Emergency demolition of the deteriorating parking structure is underway, with redevelopment proposals expected soon.

Mayor Cara Spencer has voiced strong support for downtown investment, signaling that St. Louis’ central business district is entering a new chapter—one that CRE professionals will want to watch closely.