ST CHARLES, Mo. — After more than a decade, St. Charles could finally see the major riverfront development city officials have long said will draw sustainable revenue and tourism.
Site work has started on the first phase of Riverpointe, a roughly 40-acre site at Interstate 70 and Main Street in St. Charles that abuts the Missouri River and the 160-acre Bangert Island. St. Charles officials envision the mixed-use project to feature office, entertainment and residential elements, similar to the successful Streets of St. Charles development just north of the site.
City officials say Riverpointe could generate $1.5 billion in annual revenue and 4,000 jobs once built.
St. Charles' director of administration, Larry Dobrosky, said the city wants to build on what draws visitors here already, like the nearby Ameristar Casino, Streets of St. Charles and the historic Main Street in St. Charles, and provide amenities to residents. The site work that's already started — such as grading and restoring the basin — came from funding from state and federal sources.
"We're looking to build a high-quality mixed-use development. The mayor (Dan Borgmeyer) uses the term 'highest and best use.' We don't necessarily want to sell a piece of property to any business that wants to buy property. We want to enhance the Streets of St. Charles," Dobrosky said.
That's a different perspective than what the city more than14 years ago, when St. Charles designated Mike Sellenschuetter and his Riverwalk Development as the site's developer. Sellenschuetter envisioned his own $1.3 billion plan with a hotel, retail and restaurants, condominiums and a marina. That proposal ultimately fell through due to a lack of funding and approval from the Army Corps of Engineers. The city today has taken on the site work to get the area "pad ready" to make it more attractive for developers to avoid those issues.
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