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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.

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