St. Louis’s Bottleworks District, one of its centrally-planned collections of retail and housing in an already glutted market, has run into trouble. However, the St. Louis Post-Dispatch rah-rahs that in spite of the developers backing away:
The last initiative, announced in September 2005, called for three high-rise condo buildings on the approximately 16-acre site — the tallest of which would be 630 feet. The city pledged a $51.3 million tax break.
At the time, Ghazi Co., based in Charlotte, N.C., was named co-developer and Clayco was the general contractor.
Since then the project has stalled, and Ghazi dropped out about eight months ago, giving rise to speculation that the Bottle District may be dead.
51.3 million dollars given up by the strapped city of St. Louis apparently wasn’t enough. Still, the optimism of the project in the article is based soundly on someone involved in the project saying that the project is recalibrating and is going swimmingly.
Except that no one’s building it.
Probably because the stone doesn’t have enough blood to wring.