The region’s center city is our metropolitan area’s signature location.
As distinctive and important as area municipalities such as Clayton, Creve Coeur, Fairview Heights, Florissant, and many others are, the City of St. Louis and particularly the downtown area define the region to the rest of the world.
Numerous independent economic studies and reports, ranging from the Center for Metropolitan and Urban Studies at The Brookings Institute to analysis by private sector investors, each arrive at a fundamental conclusion: as the center city of the region goes, so goes the region.
The Peirce Report, published in the St. Louis Post-Dispatch in March 1997, noted, “Downtown holds the key to the region’s future.” They further observed, “To have a great downtown, St. Louis must believe in itself, the region must restore its flagging heart.”
Recognizing that the center city is our region’s global image, the RCGA is partnering with a number of civic colleagues to actively support revitalization of the region’s center city. While there is much work to do, our community is beginning to see the fruits of civic efforts by many players.
The $1.2-billion investment strategy at the heart of the Downtown Now! strategic plan follows a model of a market-based reinvestment approach similar to successful downtown revitalization plans in Denver, Fort Worth, Seattle, Cleveland and elsewhere.
Both Mercantile Bank and Bank of America have already committed hundreds of millions of dollars in debt and equity funding to implementing Downtown Now!
Tom Reeves, newly recruited executive director of Downtown Now! is spearheading these efforts. This issue of St. Louis Commerce Magazine profiles Reeves (page 88) and the unique value he brings to the city and region.
Another key component to the turnaround of downtown is the passage in 1997 of the Missouri State Historic Tax Credits. This legislation was recently highlighted by the Wall Street Journal as a national model (see excerpts on page 12). The Tax Credits have already generated more than a half billion dollars in private center-city investment, such as the historic Gateway Statler, the Lenox, and Mark Twain Hotels, Cupples Warehouse District, the Chase Park Plaza, the Marquette Building, the Fur Exchange, Jefferson and American Zinc Buildings.
Also contributing to the vitality of downtown as a civic institution is Metropolis, founded just two-and-a-half years ago as an organization dedicated to attracting and retaining young people to the city of St. Louis. A group of 45 young professionals (now expanded to 1,000), including natives and transplants, formed the organization and began focusing on matters ranging from improving the city’s education system to providing a more lively social scene for young people. They walk the talk. Literally in fact, initiating a Thursday evening institution known as “The Walk,” in which “Metropolans” frequent downtown establishments.
These are a few of the believers, who know that the central city holds a vital key to the region’s future. A vibrant downtown St. Louis will reinforce community and economic development efforts throughout the region—and will help restore “the region’s soul.”
Richard C.D. Fleming
President and Chief Executive Officer
St. Louis Regional Chamber and Growth Association
