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Festus-based Mia Rose Holdings and Wildwood-based Greenberg Development want to build a 188-unit multifamily luxury apartment complex, with 7,000 square feet of space for stores or restaurants, on vacant land Greenberg affiliates own at the southwest corner of Main Street and Taylor Road.

But the developers say the project, named Wildwood Luxury Living, depends on the city granting them $3.3 million in tax exemptions over the next decade.

If approved, it would be the first time Wildwood, known for its green hills and woods, has approved public incentives for private development, as neighboring suburbs have done for new business centers and residential complexes.

Backers of the Wildwood Luxury Living project say it鈥檚 pivotal to draw new activity into Town Center, which has been slow to draw development since it was planned 30 years ago as the town鈥檚 high-density downtown district. And they say it comes at little cost to Wildwood, which does not levy a property tax.

鈥淲e need to take some action to try to get our Town Center to fully thrive,鈥� said Mayor Joe Garritano, who was elected in 2024 and supports the incentives. 鈥淎nd this is by far the most ideal scenario because it costs almost nothing to the taxpayer of the city of Wildwood.鈥�

But several city council members have opposed the deal because it would cost other taxing districts a total $2.4 million in revenue over the decade, including $1.6 million to the Rockwood School District. And they argue there is no guarantee the project will fill out with new businesses or help sustain more commercial activity in Town Center, the 820-acre site near the intersection of state routes 100 and 109.

Today, it includes City Hall, a Dierbergs-anchored shopping plaza, a movie theater, hotel, offices, restaurants and hundreds of single-family residences all connected by a pedestrian-friendly Main Street. The city is building the Village Green, a 6-acre park just west of city hall, and has approved plans for about 140 new houses to be built nearby. Greenberg development helped start the site by developing the Dierbergs plaza and movie theater.

But much of Town Center remains undeveloped, and growth has been slow. Some builders pulled their proposals amid pushback from the city over density and design characteristics. And businesses have struggled to stay open, highlighted by the closure of a restaurant and a small grocer last month. About 12% of retail space in Town Center is vacant, city administrator Thomas Lee said.

鈥淲e don鈥檛 know how successful the project is going to be,鈥� Councilwoman Debra McCutchen said. 鈥淭here are just too many what-ifs, and I don鈥檛 support public financing.鈥�

Critics have also raised concerns that Greenberg leader Ed Kohn is a longtime member of the city planning and zoning commission, which considers development proposals and makes recommendations to the city council.

Greenberg and Mia Rose did not respond to requests for comment.

Garritano, the mayor, noted Kohn recused himself from the planning and zoning commission vote when it considered the Wildwood Luxury Living proposal years ago. The planning commission did not have any role in considering the request for tax incentives.

Wildwood officials approved construction of Wildwood Luxury Living in 2023. But the project didn鈥檛 break ground, and developers early this year returned to the city council to request support, citing about $5.6 million in 鈥渆xtraordinary costs,鈥� including a retaining wall and other measures necessary to prepare the site, electric infrastructure improvements required by Ameren, and materials and design requirements mandated by Wildwood for Town Center projects.

Tom Kaiman, founder of Mia Rose, told the city council the improvements would set up utilities for other future projects around the site and that the new revenue, even with exemptions, would far outweigh what the vacant land produces now.

鈥淲e鈥檙e going to have a world-class asset people are going to want to come to,鈥� Kaiman said during an Aug. 11 city council meeting.

The council could consider the exemption at its Sept. 8 meeting.

The developers are asking for a sales tax exemption on all construction materials bought for the project and a phased property tax exemption over 10 years, beginning in 2027. For the first five years, the developers would only pay property tax to the Metro West Fire Protection District. The developers would then add payment of 50% of all other property taxes, including for schools, for the remaining five years.

In all, the developers would save about $3.3 million while paying about $1.3 million in property taxes over that time. By 2037, the Wildwood Luxury Living complex is expected to generate about $404,234 in annual property tax, up from $2,258 the land would generate if it remains vacant.

Council members supporting the proposal say it would ultimately pay more than it costs in tax exemptions.

鈥淚t鈥檚 dramatically more than anyone is getting today,鈥� Councilman Michael Gillani said.

But some council members say residents are opposed to reducing any amount of revenue to the school district.

鈥淎 lot of my ward residents are young families with kids, and if it comes down to whether the schools get the money or developers get the money, they鈥檙e on the side of the schools,鈥� said Councilman James Vanek.

Rockwood School District, in a letter to the city, did not oppose or support the project but raised concerns generally about tax-abated residential projects bringing in new students without new operating revenue to support them. The district estimated the new development would add 32 students, which would cost about $5 million over 10 years.

Wildwood Luxury Living would be located next to the movie theater and across from the Dierbergs plaza and other businesses. Gillani, the councilman, said Wildwood can鈥檛 afford for a vacancy to go on at that site.

鈥淭own Center desperately needs an infusion of people, infusion, activity, vibrance 鈥� and this project will bring that,鈥� he said.

Councilman Jim Kranz, an opponent of the incentives, argued that more residents in Town Center won鈥檛 spur growth because many leave Wildwood for work and shop at centers in neighboring suburbs like Chesterfield.

鈥淚f there was something that was really unique that was going to bring jobs to town, then yes, I would consider it,鈥� Kranz said. 鈥淏ut an apartment complex is not going to be the answer to the problems we have.鈥�