ST. LOUIS BUSINESS JOURNAL — Mid-St. Louis County is one of the tightest retail submarkets in St. Louis, with vacancy hovering at 3.1 percent, nearly two percentage points lower than the region's average, according to a recent report from Newmark Grubb Zimmer.
It's why Summit Development's $52 million The Crossings at Richmond Heights is one of the region's most significant retail projects. The city of Richmond Heights approved a community improvement district, or CID, to help in financing up to $5.5 million in public infrastructure improvements and a $1.5 million sales tax rebate to help with utility relocations and Dale Avenue enhancements.
Its anchor, a 141-room Courtyard by Marriott hotel to be built and developed by Maryland Heights-based MC Hotels and Midas Hospitality, is still under construction. But the retail component is nearly online — with Red Robin Gourmet Burgers, Vitality Bowls and CycleBar already open. Brinkmann Constructors and Tr,I Architects were tapped for the project.
Colliers Vice President Erin Torney, who is representing the development, answered a few questions about the project's impact on the region.
