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

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.