The St. Louis Economic Development Partnership has identified the development potential of local real estate as a crucial avenue to spur rapid and sustainable growth in the bi-state area. Through the Comprehensive Economic Development Strategy (CEDS), the SLEDP aims to funnel more investment into rehabilitating and redeveloping underperforming parcels in Greater St. Louis.
What is the Comprehensive Economic Development Strategy (CEDS)?
The Comprehensive Economic Development Strategy (CEDS) is a five-year development plan that aims to boost economic growth in the bi-state St. Louis region from 2017 to 2022.
The CEDS provides an in-depth analysis of the St. Louis Metro area economy, identifying key issues and opportunities. These include:
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Distressed properties
Approximately 25% of real estate parcels in St. Louis City and 8% in St. Louis County are considered distressed. These properties may be consolidated into larger development sites for rehabilitation and reuse.
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Disaster and resiliency
Region-wide plans and programs are being developed to address unforeseen calamities. The CEDS identifies both natural and manmade disasters as potential vulnerabilities that the Greater St. Louis region must be prepared to respond to. In addition to seasonal flooding or tornado damage, failure of infrastructure or economic shocks also pose risks to sustainable growth in the bi-state area.
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Transit-oriented development potentials
The CEDS discusses plans to maximize potential developments around MetroLink Stations. Expanding existing infrastructure to reach underserved markets is seen as a realistic step toward creating a better quality of life for both younger generations and empty nesters living in Greater St. Louis.
The CEDS provides a thorough analysis of the various strengths, weaknesses, opportunities, and threats that factor into the economic growth of the City and County of St. Louis. This is followed by a detailed action plan that addresses the key points raised in the previous sections.
Regional real estate development goals
Investment in real estate development is one of the primary strategic directions outlined in the CEDS. This approach covers the following specific goals:
- To stimulate sustainable infill development through main transit nodes and the redevelopment of under-performing commercial corridors
- To develop shared regional data and administrative systems that will complement and sustain local real estate development and reinvestment
An opportunity to turn liabilities into assets
Through the CEDS, the SLEDP has identified various parcels of real estate that are potential-laden candidates for redevelopment. The majority of these lots are located in the North St. Louis City and Inner North County areas.
By encouraging improved funding and more targeted development programs, local governments aim to transform these underutilized properties into potentialladen opportunities. The rehabilitated parcels will be used to accommodate:
- Major regional development efforts
- Transit-oriented infrastructure projects
- Expansion of the MetroLink system
- Opportunity sites to accommodate the Great Rivers Greenways regional master plan and the St. Louis Regional Freight district plan.
Be part of the promising growth in Greater St. Louis. Inquire about the best commercial real estate opportunities in St. Louis with Cardinal Realty Group. Get in touch with us at Call 636.225.0385 or send an email to hal(at)cardinalrealtygroup(dotted)com.