St. Louis Targets Downtown Revival Ahead of 2028 Olympic Matches
Architecture · AEC industry
St. Louis is advancing three revitalization initiatives to address downtown vacancies and prepare to host 2028 Olympic soccer matches. Backed by Missouri's HB 3231, a $55 million NFL legal settlement fund matched by private capital, and a state-supported improvement district, officials project up to $2 billion in construction over the next 18 months, focusing on office-to-residential conversions and public infrastructure.
St. Louis is deploying multiple public-private funding initiatives to address downtown blight, property vacancy, and safety ahead of hosting 2028 Olympic soccer matches. In July, Missouri enacted HB 3231, the Missouri Downtown and Rural Economic Stimulus Act, establishing tax incentives for urban innovation zones and office-to-residential conversions. Under the bill, qualifying conversions require buildings to be at least 25 years old with over 50% converted to residential space, and designated innovation zones may retain 50% of new state sales and income tax revenues for infrastructure and safety. Additionally, the city is allocating $55 million from its 2021 NFL lawsuit settlement, matched equally by private sector commitments, to fund local infrastructure and small business initiatives. In February, the St. Louis Board of Aldermen approved a Downtown St. Louis Sports And Entertainment Community Improvement District, which will receive $4.5 million annually from the state for lighting, pedestrian access, and public safety upgrades. Greater St. Louis leadership estimates overall downtown new construction and redevelopment pipeline at $1.5 to $2 billion over the next 18 months.
Key takeaways
- Missouri enacted HB 3231, providing tax credits for office-to-residential conversions in buildings at least 25 years old and enabling innovation zones to retain 50% of new state tax revenues for local infrastructure and safety.
- St. Louis allocated $55 million from an NFL settlement, matched dollar-for-dollar by the private sector, dedicating funds evenly to infrastructure projects and small business incentives.
- The city approved a Sports and Entertainment Community Improvement District ahead of the 2028 Olympics, with the state providing $4.5 million annually for pedestrian access, lighting, and safety.
- Economic development nonprofit Greater St. Louis projects $1.5 to $2 billion in new and redevelopment construction activity downtown over the next 18 months.
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