Though the St. Louis Preservation Board has asked developers to save part of the 120-year-old brick building at 300 South Broadway before demolishing the rest, the fate of the old structure likely will be decided by the Board of Aldermen.

Action by the aldermen is expected because developers have asked for city incentives for the proposed 33-story, 265-unit apartment tower near Busch Stadium.

On Tuesday, the Land Clearance for Redevelopment Authority approved a redevelopment plan that provides a property tax abatement of 90 percent of the project’s value for the first 10 years, 85 percent for the next five years and 80 percent for the final five years. In addition to the 20-year property tax break, developers also are seeking a sales tax exemption on construction materials.

If approved by aldermen, the redevelopment plan could trump the Preservation Board’s 4-3 decision on Monday to direct the developers to retain a corner of the existing building’s brick facade.

That’s because the ordinance governing demolition review says the Preservation Board “shall” approve demolition requests in compliance with redevelopment plans.