ST. LOUIS — Chairman and CEO of Stifel Financial Corp, Ron Kruszewski, is calling the investment of some of the Rams settlement funds in downtown a requirement to succeed and retain businesses. Since 1890, the investment firm has had its headquarters in St. Louis. He tells the St. Louis Business Journal that not investing in the area is sending a “message.”
The Rams relocation settlement of $790 million in December 2021 resulted in St. Louis City sharing some of those funds with St. Louis County and the St. Louis Regional Convention and Sports Authority. The City of St. Louis deposited about $250 million into an interest-bearing account.
“We’ll create a vibrant dynamic area. But it requires investment. You need to invest to get a return,” Kruszewski tells the Business Journal.
The Board of Aldermen will decide later this year how to use the funds, with potential uses including replacing outdated water mains, implementing traffic-calming measures, increasing city employee wages, and enhancing access to child care.
Greater St. Louis Inc. recently urged St. Louis Board of Aldermen leaders to prioritize a proposal that allocates $98 million for downtown infrastructure improvements and $130 million for neglected neighborhoods in North City and South St. Louis. They want to make sure the proposal receives a public hearing and remains on course.
Downtown St. Louis is having some major issues with retaining businesses and workers. The Wall Street Journal recently called the real estate situation in downtown St. Louis a “nightmare.”
Missouri recently decided to sell two major office buildings in downtown St. Louis: the Wainwright Office Building and the Mill Creek Office Building. The old AT&T building made international headlines this year. Records show the nearly 40-year-old building sold for nearly $205 million in 2006. It then sold for less than $4.1 million in 2022 after being vacant for nearly five years. Sources tell FOX 2 that it sold for even less in 2024.
