Downtown St. Louis Attracts More Businesses with $350,000 in Incentives and Grants

St. Louis business leaders have announced $350,000 in grants and incentives to attract restaurants, retail stores, and other businesses to downtown. Four initiatives were announced by Greater St. Louis Inc. and the St. Louis Development Corporation. These initiatives include offering up to $15,000 per storefront for pop-up retail shops in vacant storefronts, up to $5,000 per restaurant to build outdoor seating or retail displays, up to $50,000 in grants for new retail businesses for improvements, and ways to help property owners rent space to retail shops.

According to Kurt Weigle, chief downtown officer of Greater St. Louis Inc., the downtown area has seen a 30% increase in residents between 2010 and 2020, with over $3.8 billion in upcoming projects. While downtown St. Louis is a dynamic market, it needs more retail activity. The incentives being offered are designed to attract high-quality businesses to the heart of the St. Louis metro area.

St. Louis leaders have been working hard to revitalize downtown, with the Board of Aldermen recently approving $15.3 million in federal coronavirus relief funds for the America’s Center arena complex