New state legislation just unlocked a genuinely large office conversion pipeline
Missouri Governor Kehoe signed House Bill 3231 in 2026, modernizing the Missouri Downtown Economic Stimulus Act by stripping away outdated restrictions that previously limited application zones, and creating innovation districts in St. Louis and other cities with tax credits of up to 25 percent of conversion costs for turning office space into residential use, capped at 50 million dollars annually statewide. The legislation also allows St. Louis officials to loop historic industrial riverfront zones and aging manufacturing corridors directly into contemporary economic stimulus planning, expanding the geography eligible for this incentive well beyond downtown's traditional office core.
The most visible beneficiary is St. Louis's long-stalled AT&T building, the 44-story tower at 909 Chestnut Street, where developer Charles Goldman is proposing conversion into 600 residential units with retail and restaurant space, a project that had previously stalled before this legislation gave it a genuine second chance. Separately, Cordish Companies is planning a roughly 670 million dollar mixed-use project to redevelop the Millennium Hotel site, backed by new incentive packages tied to the same broader legislative push.
Honest read: this is genuinely fresh, state-level policy support arriving in 2026, distinct from the more established, multi-year conversion programs covered for Minneapolis and Denver elsewhere in this series, and a rendering brief for a St. Louis conversion project should reference HB 3231 directly as the specific, newly available financing mechanism making the project possible.