ST. LOUIS-The $35 million redevelopment of the four-level mallat the One City Centre complex recently received another boost,with Chicago-based Aries Capital providing $17.5 million in NewMarket Tax credits for the project. The 540,000-square-foot mall atSixth and Washington downtown, also known as St. Louis Centre, hasbeen vacant since 2006, alongside a similarly struggling 25-storyoffice building.

Simon Property Group developed the $95 million mall in 1985,with 120 stores and 20 restaurants, the largest urban shopping mallat the time. However, financial troubles caused the close soonafter it was purchased by the former Pyramid Co, which had planneda condo development but collapsed itself in 2008. EnvironmentalOperations Inc. reportedly bought the mall after foreclosure byBank of America for almost $13 million, and has teamed with Claycoon the redevelopment of the entire office and retail complex.

In April, the Missouri Development Finance Board closed a $14million loan for the mall project, enabling construction to beginon a new parking garage at the site. The 750-car garage will takeup two of the floors, with about 100,000 square feet left on thefirst and second floors for retail stores, a movie theater and abanquet hall.