ST. LOUIS – A $1.2 billion redevelopment project for the St. Louis riverfront is one step closer to taking shape as board members approved a key tax break.

On Tuesday, board members with the St. Louis Land Clearance for Redevelopment Authority approved a sales tax exemption on construction materials for a riverfront plan known as the Gateway South Project.

A resolution passed Tuesday will allow the LCRA to issue up to $155 million in taxable industrial revenue bonds to finance the first phase of the project. The LCRA approved several other incentives and tax abatements prior to Tuesday to help the project moved forward.

Body of burglary suspect found Tuesday in River Des Peres

Led by New York-based developer Good Developments Group, the riverfront plan calls for a 100-acre, mixed-use district that focuses on the construction industry just south of the Gateway Arch.

Early stages of development would include facilities and logistics infrastructure for firms manufacturing building modules and building components. Later stages would include residential housing, offices, retail space and more.

The exact timeline for the project remains up in the air, though the development is expected to take several years to complete. Good Developments Group has not responded to FOX 2’s request for comment as of Wednesday afternoon.

NOTE: Video is from FOX 2’s coverage of the riverfront plan in February 2023.