Newspaper article St Louis Post-Dispatch (MO)

Auction Winner for St. Louis Outlet Mall Drops Out

Newspaper article St Louis Post-Dispatch (MO)

Auction Winner for St. Louis Outlet Mall Drops Out

Article excerpt

St. Louis Outlet Mall, the financially troubled retail center in Hazelwood, might soon have a new owner, but it won't be the winner of an online auction last November.

City Manager Matt Zimmerman said Hazelwood officials met Wednesday with representatives of the second-highest bidder in the auction concluded Nov. 18.

He declined to identify the runner-up but said the winning bidder had decided not to buy the mall. The high bidder's departure opened the way for the next-highest bidder to try to close the deal.

Business at the 1.2 million-square-foot mall has dwindled for years. The online auction conducted in November yielded a high bid of $9 million. The required opening bid of only $1.5 million illustrated the mall's plight.

Zimmerman said the mall's latest potential owner is studying the property and asking city officials about redevelopment potential with an eye toward completing the purchase in mid-February. …

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