The city of Crestwood has issued a request for proposals to find a new developer for the former Crestwood mall site, which is currently owned by Chicago-based UrbanStreet Group.
“The City is committed to encouraging redevelopment of the Mall site,” said Mayor Grant Mabie in a news release. “We are going to do everything we can to attract a successful project.”
UrbanStreet Group’s Bob Burk echoed the mayor in the announcement and added, “We look forward to working with the City and the market to move the project forward.”
Interested parties have until Aug. 18, 2020 to submit a proposal to the city. The city issued the RFP June 19.
Proposers are strongly encouraged to contact UrbanStreet’s broker Matt Bukhshtaber with CBRE for sales information. More information, including a copy of the RFP, can be found on Crestwood’s website, www.cityofcrestwood.org.
Three developers, including UrbanStreet, have tried and then dropped proposals to redevelop the mall in the last seven years since the mall closed.
Creve Coeur-based Walpert Properties had planned the most ambitious proposal for Crestwood mall yet, a $300 million high-density mixed-use development called “Crestwood City Center” that would have been one of the largest developments built in St. Louis County in decades. The company had the property under contract from UrbanStreet and had said as recently as January that the plan was nearly to the finish line except for financing. But the deal fell through due to the COVID-19 pandemic.
UrbanStreet was previously selected by the city to redevelop the mall and granted $25 million in tax incentives by the Crestwood TIF Commission. The company had bought the property at auction from Centrum Properties, which owned the mall when it closed and had tried to redevelop the site despite resistance to tax incentives at that time from the Crestwood Board of Aldermen.
