The Missouri Highways and Transportation Commission has renewed a St. Louis economic development agency's option to purchase excess right-of-way for the potential construction of a Major League Soccer stadium near Market and 22nd streets.

The right-of-way is expected to become available as St. Louis and the Missouri Department of Transportation redo Highway 40 (Interstate 64) interchange in anticipation of the $1.7 billion National Geospatial Intelligence campus to the north.

It could be the home of a $250 million, 20,000-seat MLS stadium if the ownership group made up of World Wide Technology CEO Jim Kavanaugh and the Taylor family of Enterprise Holdings that has recently emerged is awarded a franchise from the league.

The city's Land Clearance for Redevelopment Authority previously secured an option for the land in 2016, during the first effort to lure an MLS stadium, which stalled after voters rejected contributing a portion of sales tax to the effort. That expired in September.

A timeline on this MLS effort is unclear, though owners were supposed to meet with city leaders last week to develop final details on a stadium financing plan, which would be presented to the Board of Aldermen for a vote. The group says it will contribute more to the stadium construction than the prior proposal.

The MHTC voted to allow the LCRA to purchase the property within 18 months for "fair market value."

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