Judge Clears Path for SLDC Development Board to Acquire Railway Exchange Building

Judge Clears Path for SLDC Development Board to Acquire Railway Exchange Building

On Friday, a City of St. Louis judge allowed the St. Louis Development Corporation's (SLDC) Land Clearance for Redevelopment Authority (LCRA) to condemn and take possession of the Railway Exchange Building and adjacent parking garage through eminent domain.

The Railway Exchange Building encompasses two city blocks on Locust, North 6th, Pine and North 7th Streets.

The next step requires a hearing with a judge and commissioners to determine the value of the property.

Appraisers selected by LCRA set the price for $5.3 million. LCRA will ask to purchase the property at the current appraised price.

The next court date is pending.

LCRA is hopeful to receive final determination of value before the end of the year, and aims to pay that value and take possession of the property shortly after.