New owners continue with mall redevelopment plan
The owners of Crestwood Court, a partnership made up of Centrum Properties in Chicago and Angelo, Gordon & Co. in New York City have kept the city’s Economic Development Commission up to date on their progress, Robinson said.
“They’ve hired an engineering firm and an architectural firm and are getting set up so that when the time comes they can move quickly,” Robinson said. “They’re making sure that that their vision for the center will fit.”Previous reports from the city said the vision for Crestwood Court included a Lifestyle type of redevelopment that would include eating establishments and existing retailers such as Macy’s and Sears and retailers new to the St. Louis market.
Robinson said the owners were also working to bring in new retailers to fill existing vacancies at the mall in time for the approaching holiday shopping season.
Tony Stevens, vice-president and general manager at Jones Lang LaSalle, a third-party management company acting on behalf of the mall owners, called plans for the shopping center “still conceptual in nature.”
“We are still working with architectural engineering firms and beyond that we are not willing to lay out a concept until we have that finalized,” Stevens said.
He said previous comments the mall may be developed into a Lifestyle center “remain consistent.”
Stevens said besides retail outlets, a lifestyle center could include open courtyards, green space, office uses, an enclosed entertainment venue and standalone restaurants. They are not enclosed malls and shops usually open onto a parking lot.
He added he did not yet know if a residential component, such as condominiums, would eventually be included in the redevelopment project.
Asked if the new owners are attempting to retain current retailers located in Crestwood Court as well as bring in retailers new to the St. Louis market, Stevens said he “could not speak to that right now.”
Robinson said from his view the project will be a complete transformation.
“Their vision of what they want in there in the future looks very diversified as far as the type of businesses,” he said. “It looks like there will be plenty of shopping, plenty of entertainment and plenty of eating establishments.”
Robinson is enthusiastic about the project.
“From what I’ve seen of what they plan on doing it will be fantastic,” Robinson said. “Will 100 percent of the people like what goes in there? I doubt it, but I think most people, when they get the opportunity to see what they want to do, are going to be absolutely amazed that anything even close is coming to our area.”
Both Robinson and Stevens said a formal presentation will be made to the city’s Board of Aldermen but they did not know when that would be.
“I’ve encouraged them (the owners) at every meeting to get this out to the people so the people know what’s coming and people can realize they didn’t just buy this to sit on it,” Robinson said. Robinson said because there is no formal plan yet before the city, there is also no formal request for any tax assistance.
“When you get into something of this size, a development of this type, I would be shocked if anybody would develop it without some sort of economic development tool used,” Robinson said. “If they can develop without it, I hope so. But to be realistic I don’t think it will happen without some type of assistance.”
