Newspaper article St Louis Post-Dispatch (MO)

Restaurants, Boutiques, Entertainment and Plenty of Parking Planned for Old Crestwood Plaza Site

Newspaper article St Louis Post-Dispatch (MO)

Restaurants, Boutiques, Entertainment and Plenty of Parking Planned for Old Crestwood Plaza Site

Article excerpt

Walpert Properties plans a sprawling mixed-use development on the site of the old Crestwood Plaza mall that would be among the biggest new projects in St. Louis County.

The plan outlined this week includes room for more than a dozen buildings, three parking garages and green space on the former mall site at Watson and Sappington roads in south St. Louis County.

Executives with Creve Coeur-based Walpert and its leasing firm Balke Brown Trans-western hosted a broker event Wednesday on the 47-acre site, once a massive shopping mall that is now just graded dirt, to detail the development plans to the broader real estate community. Preliminary plans for the site include restaurants, boutique clothing stores, a movie theater and office tenants.

In all, the development renamed Crestwood City Center could feature 160,900 square feet of standalone retail space, 60,700 square feet of retail space that would sit on the street level of three apartment buildings, 240,000 square feet of Class A office space and a 42,000-square-foot movie theater. More than 1,700 parking spaces in structured garages are planned, including hundreds more uncovered spaces.

Kent Evans, a partner at Walpert Properties, said the project is akin to the successful Streets of St. Charles mixed development in St. Charles, but about double the size.

That project, which has all the same components of the planned Crestwood City Center, cost more than $150 million to construct.

It's unclear what type of incentives, if any, Walpert, might seek.

Following the mall's demolition, Crestwood lawmakers approved a $25 million public financing package for the property's current owner, Chicago-based UrbanStreet Group, which had described a variety of uses it planned to pursue, including retail, entertainment, dining and housing.

Crestwood City Administrator Kris Simpson said the city would like to continue operating under that agreement, but no talks between the city and Walpert have taken place yet as it relates to incentives. …

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