Commissioners Value Railway Exchange Property at $7.3 Million

On January 3, 2025, a group of court-appointed commissioners valued the Railway Exchange Building and the adjacent parking garage and lot for $7.3 million.

The city’s Land Clearance for Redevelopment Authority (LCRA) board, which operates under the St. Louis Development Corporation (SLDC), will likely discuss the value at the upcoming January 28 board meeting to determine if the price is adequate for purchase through eminent domain.

The city’s goal is to stabilize the Railway Exchange Building, remove blight from the property, and seek developers to remodel the building and likely demolish the adjacent parking garage.

The eminent domain process allows the city to clear more than $30 million in liens on the property. Removing this detriment will garner greater interest from potential developers. 

Parties can appeal the price that's set, which involves a jury trial. LCRA would be able to purchase the property and hold the title during an appeal process, but any increase in the determined price would require LCRA to pay the additional amount.

LCRA doesn't intend to appeal the price.