There's new hope for a long-vacant, landmark building in downtown St. Louis. A Minneapolis developer has bought the St. Louis Arcade Wright building at Eighth and Olive Streets.
Dominium Developments paid $9 million dollars for the building, and plans to spend another $100 million to turn the 18 story structure into a retail and residential center. The plan calls for about 250 apartments and three floors of retail.
City officials are working with Dominium to finance the renovations.
Work is expected to begin in December.
This is the second proposal to revitalize the landmark building. Six years ago a similar plan failed when the developer went belly-up.