ST. LOUIS — St. Louis developer Steve Stogel said he's signed a letter of intent giving him the rights to buy the note on the vacant Railway Exchange Building downtown under certain conditions.
The deal could pave the way for Stogel to acquire and redevelop the long-vacant building, though he still has to resolve nearly $4 million in liens on the property.
Stogel said the agreement with the owner's lender, Gamma Real Estate, is "very conditional," requiring him to obtain financing within four months. The agreement is with Stogel's 615 Redevelopment Co. LLC.
Railway Exchange, a massive, 1.24 million-square-foot structure at 615 Olive St., has been vacant since 2014, and has deteriorated since then as the owner, Hudson Holdings, and city of St. Louis have struggled to secure it from trespassers.
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