“We’re trying to do something that really nobody’s done downtown in a long, long, time,” DeWitt said, adding that combining residential development, with office and entertainment space poses unique challenges.

“There are a ton of infrastructure requirements and the rents you can get from those uses in the current markets do not justify the investment to the developer in this current environment,” he said. “So some incentive is required to get the return to an acceptable level to make the project a go.”

Jack Coatar, the city’s 7th Ward Alderman, sponsored the bill. He estimated that the city will net $5 million in new revenues over 10 years. The school district stands to gain more than $3 million during the same time frame.

Otis Williams, executive director of the St. Louis Development Corp, the city agency that determines which projects are worthy of receiving taxpayer help, repeated Coatar’s numbers.

“We believe, fully, this is a viable project,” he said. “It’s worthwhile.”