UNIVERSITY CITY, Mo. — University City and the developer behind a $189.4 million mixed-use project that's to be anchored by Costco are seeking to condemn several commercial properties after their owners refused to sell.
In a statement late Thursday, University City said Novus Development is "at an impasse" with three owners of commercial properties, which house Public Storage and two shopping plazas, that are in the footprint of Novus' planned development. The statement said each property was appraised to determine its fair market value and that an offer to buy the property was declined by the owners.
"Because negotiations were unsuccessful, the next option is to have a judge or jury decide the fair market value of the properties. As such, University City in partnership with Novus Development have filed condemnation (on the properties). We are saddened the negotiation process failed – but believe all parties will benefit by having an unbiased third party decide the fair market value for the properties," according to the statement.
The properties involved are owned as follows, according to St. Louis County records and data from Reonomy, a real estate research firm:
- 8689, 8691 Olive Blvd.: SSC Acquisitions
- 8612, 8630 Olive Blvd.: Tsais Investment
- 8671, 8675, 8673 Olive Blvd.: Wallace McNeil
The Business Journal could not immediately reach the property owners.
Click here for the full story.
More from the Business Journal
- St. Louis contractor sells business to focus on 'Shark Tank'-spinoff firm
- Venerable St. Louis catering firm ponders a big question: what to do about buffets?
- COVID-19 decimated St. Louis’ housing inventory. Has a rebound begun?
- St. Louis Public Library announces reopening plans
- Inside a south county restaurant's unique interpretation of dining in the COVID-19 era
- Ballpark Village apartment tower nears completion as Cardinals mull district’s reopening plan
