ST. LOUIS (KSDK) - The City of St. Louis is continuing its quest to find a developer for the Cupples 7 building while moving forward with demolition preparations.
The building is set to come down due to its instability and threat to public safety.
The city, the St. Louis Treasurer's Office, and the St. Louis Development Corporation would like to find a developer with cash to buy and stabilize Cupples 7 so demolition is not necessary.
Reed Realty Advisors, based in Little Rock, Ark., one of two companies interested in purchasing the building, has decided not to make an offer because the cost to stabilize the foundation and secure the brick walls is too high.
Vertical Realty has not made an offer, but the city hopes the group can purchase and stabilize the building without guarantees from the government.
"The City will offer every incentive and available tool to make this deal happen, including tax increment financing," said St. Louis Mayor Francis Slay. "But, we will not put the taxpayers at risk by guaranteeing the project's debt. I would not do that for Ballpark Village, and I will not do that for this project. I hate to see any historic building razed, but the overwhelming concern for public safety has to take precedence."
The city says they will continue to consider all proposals until the demolition date arrives.
Spiritas Wrecking Company has been awarded the $482,500 demolition contract, and has already started preliminary work. Demolition is expected to take up to three months.