ST. LOUIS — Developers are working with the city of Chesterfield on what they see as an unprecedented opportunity to rebuild part of the city into a dense, mixed-use downtown unlike anything else in the St. Louis suburbs.
Editor's note: The above video is from previous coverage of the Chesterfield Mall redevelopment.
Overland-based The Staenberg Group and CRG, the St. Louis-based development arm of Clayco, have lined up financing for an anticipated $3 billion in future development on a 216-acre area that includes Chesterfield Mall, but would not be able to build the projects without an estimated $300 million in tax-increment financing that would fund the project's public infrastructure, according to redevelopment plans released by the city.
The Chesterfield TIF Commission began meeting this month to look into the project, and the former mall site will have to be rezoned for plans to move ahead. All plans are speculative, but the city and developers intend to create a dense, mixed-use, walkable town center over the next four years. Projects must be approved within 10 years to qualify for TIF.
The Staenberg Group, which owns the mall and is currently leasing it to temporary tenants, has long planned to tear it down to create Downtown Chesterfield, a massive mixed-use development on the mall property. It will be designed as a Main Street lined with retail shops similar to those you might see at the Galleria mall in Brentwood, with apartments built above, said Tim Lowe, senior vice president of leasing and development at The Staenberg Group.
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