Later this afternoon, I plan to join lawyers from Thompson Coburn in announcing that the law firm, one of several closely watched Downtown tenants, has decided to remain in the US Bank Building in the central business district.
Downtown has come a long way in the last seven or eight years. We have seen more than $5 billion in new investment Downtown. More than 10,000 people now live Downtown. More than 100 new restaurants, shops and stores have opened Downtown since 2003. Downtown has become a 24-7 live, work, and play neighborhood.
Work is the probably the most important word in that trinity. To build on our success, it is important to keep existing jobs Downtown and bring more here. That’s why Thompson’s decision is so important. The more people who work and live Downtown, the more things there will be to do Downtown. The more things there are to do Downtown, the more people who will come Downtown.
That is the main tangible benefit of this announcement. But, there are other reasons to be pleased.
Thompson Coburn generates more than $1.2 million in taxes for City services. The City and other taxing districts, including the Board of Education, will continue to receive 100 percent of the real property tax revenues now paid by the U.S. Bank building. Without a major tenant, those revenue streams would be in jeopardy.
I expect this announcement by the region’s largest law firm to have some influence on other professional services companies currently planning their own expansions.