New developer is negotiating with UrbanStreet to buy Crestwood mall for mixed-use


Photo by Jessica Belle Kramer

The empty Crestwood mall site, with the buildings demolished and the site leveled, as seen in May 2019.

By Erin Achenbach, Staff Reporter

A developer for the former Crestwood Plaza mall site is in discussions with the property’s current owner, UrbanStreet, to potentially buy the site and move forward with a new mixed-use redevelopment.

The former mall closed in 2013. In the economic fallout from the COVID-19 pandemic, Walpert Properties backed out of a $300 million redevelopment in May.

After the city issued a request for proposals this summer to find a new developer, the Board of Aldermen examined two submissions in multiple closed sessions, which is allowed under state law due to the sensitivity of real-estate negotiations, and selected a proposal for a mixed-use development on the full 40-acre site at Watson and Sappington roads. The second plan only covered part of the site.

“It’s our highest priority project,” City Administrator Kris Simpson said of the mall site. “We’ve been waiting for this and we’re ready for it to come through. I am cautiously optimistic about what I’m hearing. We’re gonna be all hands on deck to get this done at the highest quality in our power. … It’s hard to speak in anything not general.”

Considering the importance, Simpson said that for the last few months the city was “taking our time evaluating the proposal.”

If UrbanStreet brings the property under contract, the new developer will meet with the city to find out how to make the project a reality, including any possible tax incentives. From there, the proposal would go through the city’s regulatory process beginning with the Planning and Zoning Commission.