a midwestern ghost town
The City Whose 'Doom Loop' Just Might Be Worse Than San Francisco's
A vacant St. Louis building that sold for $3.6 million after trading for $205 million at its peak is just one sign the Midwestern city is struggling.
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The Lede
A vacant office building in downtown St. Louis just sold for $3.6 million — a nearly 98% discount from its 2006 sales price, signaling a concerning course for the Midwestern city's downtown area.
Key Details
- The former One AT&T Center, which at 44 stories is the third-tallest building in St. Louis, sold for $205 million in 2006 and recently sold for $3.6 million.
- The steep drop in the tower's value is just one sign that St. Louis' central business district is struggling, reports say.
- The challenges facing it and other Midwestern hubs are perhaps graver than bigger downtowns that have been more widely depicted as abandoned or dying, like San Francisco's, according to economics and public-policy experts.