ST. LOUIS - The St. Louis Development Corporation is moving forward with big plans for the historic Railway Exchange building while they wait on the official price tag of the building.

A firsthand look inside the Railway Exchange parking garage shows the running list of issues: holes in concrete levels, rebar sticking out of the ceiling, and chunks of concrete missing.

"Our first goal was to ensure that the deteriorating garage is demolished," President of SLDC Neal Richardson said.

The historical building comes with an even longer list of concerns. There was a fire in 2023, trespassing calls, and eventually the city boarded up the building after sitting vacant for years.

The 1.24 million-square-foot building also holds 110 years of St. Louis history. The city hopes to demolish the garage by summer 2025.

"Our goal as we acquire the railway exchange building is to protect the historical fabric of it. Terracotta on the outside, the sculptures, and various bricks. Our plan is to ensure that the exterior is stabilized for a future development proposal," Richardson added. "The next step for us is to then issue a request for proposals for developers across the country to bid on the project. Put together a plan to redevelop the railway exchange building itself."

According to Richardson, one area the city hopes to see in proposals is housing.

The most recent appraisal for the building is $5.3 million. One of the largest buildings in the state also comes with federal and state historical tax credits.

"Not only is this building an important piece of the fabric of downtown St. Louis, it also is a catalyst for growing and driving our tax base. So it is critical that we address this site now and take the appropriate actions," he said.