BRENTWOOD, Mo. — Planning is underway for a $200 million redevelopment of a site across from the Saint Louis Galleria mall into apartments, offices, a hotel and retail space.
Maryland Heights-based Midas Enterprises closed March 1 on the purchase of a series of parcels along Brentwood Boulevard, including 1114 S. Brentwood Blvd. and 1120 S. Brentwood Blvd., for $12.5 million from Chicago-based developers Edwards Realty and Condor Partners.
The former Chicago ownership team had planned to redevelop the site as the second phase of the neighboring The Boulevard mixed-use development, but dropped the plans. The developer of The Boulevard's first phase, Pace Properties, also had proposed a redevelopment at the site years ago and dropped those plans. Pace sold The Boulevard and the second-phase site to the Chicago developers in 2016.
Midas Enterprises' project, called The Boulevard II, will include a 132,000-square-foot commercial office building, an apartment complex with 192 units and a 127-room Aloft hotel by Marriott, said Steve Metherd, vice president of development at Midas Capital. The ground floors of those buildings will have 54,000 square feet of retail, and a 700-car parking garage would also be built.
The namesake street that runs through the middle of the original Boulevard development will continue into the second phase, but it will transition from a street with cars to more of a pedestrian plaza, Metherd said.
The strip mall that will be turned into the new development is mostly vacant except for a location of sports retailer Rally House, he said.
Although other plans for the site have come and gone, Metherd said, “We believe that we have the right mix of both uses and incentives to make this project work.”
Read the full story on the St. Louis Business Journal website.
