Cortex innovation district project and Prospect Yards under construction, St. Louis, MO
ST. LOUIS, MO—In only four months, Midas Hospitality raised $35 million, mainly from St. Louis area investors, for its Midas Opportunity Zone Fund.
Midas Hospitality's newest project brings the first hotels to the St. Louis' Cortex innovation district and Prospect Yards community. The 129-room Aloft and a 152-room Element hotel are currently under construction and slated to open in 2020. MC Hotel Construction, a sister company to Midas Hospitality, is the general contractor for both hotels.
Aloft is located at 4239 Duncan Ave., and the Element is at 3763 Forest Park Ave. The hotels will target transient and extended stay customers for the thriving area that includes Aon, Boeing, Microsoft and Square among its tenants. Barnes-Jewish Medical Center, Saint Louis University, SSM Health, and Washington University St. Louis are also conveniently located nearby.
While the opportunity zone tax incentives created under federal law provided an added tax benefit for the project, Midas had already committed to the hotel construction prior to the tax change announcement.
“The success and excitement building in and around the Cortex, as well as the need for these attractive hotels in that area, were a huge draw for our prestigious list of investors,” says J.T. Norville, Midas Hospitality's co-founder. “The significant tax benefits afforded by the recent legislation changes have been the icing on the cake, and we couldn't be prouder that St. Louis is realizing the advantages of this new opportunity.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
