The ambitious Gateway South redevelopment just south of the Gateway Arch National Park counts among its backers several well-known development and investment firms — and those relationships will now shape how the project pivots in the wake of the devastating warehouse fire.
The master developer of Gateway South is Good Developments Group (GDG), which has assembled roughly 100 contiguous acres of former industrial land along the downtown riverfront. GDG is working in a joint venture with at least two principal investors: Vault Partners — a Houston-based investment firm — and Millstone Company, a Clayton-based real-estate and private-equity firm.
In addition, the marketing and leasing of the project’s industrial and office components have been entrusted to large brokerage firms. Cushman & Wakefield leads outreach for industrial tenants, while CBRE handles Class A office leasing — part of its original commitment to unlock up to 500,000 square feet of office space within the first phase.
The involvement of these firms will likely influence how Gateway South responds to the fire’s fallout. For example, the financing structure already relies heavily on tax incentives, including historic-preservation tax credits, brownfield credits, and property tax abatements — tools that were integral to the project’s financial viability prior to the fire. With the destruction of part of the historic Crunden‑Martin Manufacturing Company complex — once slated to form the “innovation core” of the district — developers may now need to reassess which tax credits remain applicable, or whether new public subsidies will be required.
Furthermore, the financial and reputational strength of Millstone Company and Vault Partners could prove critical — their backing makes the project more credible to prospective tenants, lenders, and public-funding authorities at a time when confidence may waver. Millstone’s involvement in particular was viewed as a coup for the relatively young Good Developments Group, giving the effort local gravitas and deep experience.
Still, the fire complicates matters. Plans to reuse and repurpose the Crunden-Martin buildings formed the centerpiece of the project’s economic case and identity. With that vision disrupted, the development team may pivot toward building new structures, or redistributing planned uses across other parcels — moves that could require renegotiating financing, zoning, and incentive agreements.
Even so, developers say the broader ambition has not changed. Backup financing — including roughly $155 million in industrial revenue bonds — remains in place for the first phase, and the project’s design and leasing partners remain committed. How quickly Gateway South adapts will depend on whether the existing partners — Good Developments Group, Vault Partners, and Millstone Company — can retool the project’s economics and attract new tenants, even as they weigh the loss of historic fabric against potential for a re-imagined district.
Header image: A massive fire last Friday at the Crunden-Martin Manufacturing Company warehouse building is still under investigation. Photo | NEXTSTL