Springfield's South Pier LLC has been approved for up to $228,736 in remediation tax credits for the redevelopment of property on South Avenue.
Governor Matt Blunt said Monday the tax credits were awarded under the Brownfield Redevelopment Program. South Pier has projected to create a total of 31 new jobs.
The project will involve redeveloping the property at 317 South Avenue in Springfield into
commercial office space, retail and residential lofts. The three-story building consists of approximately 30,000 square feet and has been underutilized for at least 10 years. Only 25 percent of the property has been used in the past five years as a flea market. The building was constructed in 1884 and is contaminated with lead-based paint and asbestos, according to Blunt's office.
The tax credits were provided to cover jobs, investment and demolition costs.