A significant milestone in the eminent domain process was cleared Friday, when a judge signed an order to condemn the Railway Exchange building, forcing its sale to the St. Louis Development Corporation's Land Clearance for Redevelopment Authority.
Neal Richardson the CEO of the St. Louis Development Corporation said this was an exciting development and shares where things go from here.
"The next step in the process is for us to hold a hearing with the judge and the commissioners to identify a final determination of value."
Richardson says the sale could be completed soon.
"We anticipate the first hearing to happen in the second week of December, with the goal to having it clear final determination of value before the end of the year, or in early January."
The current owners of the building, Hudson Holdings, could also make a rare appearance at this hearing, and argue their own price if they choose to.
"We welcome them to challenge them on this," says Richardson.
The Railway Exchange was once home to Famous-Barr's flagship store and the headquarters of Macy's.
