Officials with the Cortex innovation district in St. Louis have paused two components of its planned third phase of development.
On hold are a 200-unit apartment development and 1,000-space parking garage, which have both been viewed as vital to Cortex’s long-term plan in an effort to create a density of entrepreneurs, support staff, established businesses and others in and around the 200-acre campus.
The district’s first hotel, an Aloft boutique hotel by Starwood; a new 180,000-square-foot technology and lab building; and an approximately 13,500-square-foot innovation hall are slated for the project.
In all, the project is now expected to cost $100 million, said Cortex CEO Dennis Lower. That’s down from the $170 million price tag prior to the scale back.
Construction on the hotel, tech building and innovation lab is expected to begin next year and be completed in 2018.
Read more: St. Louis Business Journal