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Dierbergs, McBride seek subsidies for Crestwood Mall development

Dierbergs Markets and McBride Homes will seek $17 million in subsidies for a more than $67 million redevelopment of the former Crestwood Mall site. ....

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Dierbergs Markets, McBride Homes seek $17M in subsidies for $67M Crestwood Mall redevelopment

Dierbergs Markets, McBride Homes seek $17M in subsidies for $67M Crestwood Mall redevelopment
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Crestwood mall: Dierbergs asks for $17 million in tax incentives for $67 million redevelopment

The new Crestwood mall redevelopment plan was taken by courier to the members of the Crestwood TIF Commission Friday, giving the public both a price tag and concrete financing from a bank.
Developer Dierbergs proposes a $67 million redevelopment of half the 46-acre site with $17 million in tax incentives, including $13.5 million in tax-increment financing and $3.5 million in a 1-percent Community Improvement District sales tax.
Past developers of the site have struggled with financing, but First Bank which is owned by the Dierberg family wrote a letter to the city included in the plan that guarantees financing if the TIF is granted. Three would-be developers have come and gone since 2013, when the mall closed. ....

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TIF Commission convenes starting Feb. 4 for Crestwood mall plan from McBride/Dierbergs

The Crestwood mall site has its fourth developer in seven years, but city officials are confident that the latest plan combining proposals from McBride Homes and Dierbergs Market will actually be built, with a TIF Commission convening next week.
McBride and Dierbergs, both companies based in St. Louis, announced Dec. 22 that they have the 47-acre former Crestwood Plaza mall property at Watson and Sappington roads under contract from owner UrbanStreet Group after months of negotiations.
For decades it housed an outdoor mall, then an indoor one. But the mall’s last stores closed in 2013. The site at the center of the city has been vacant ever since, as three other plans to develop the property came and went. One major milestone along the way is that UrbanStreet demolished and leveled all the mall buildings, so the land is now level with Watson Road and easier to redevelop. ....

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Crestwood mall has a new developer: Dierbergs and McBride Homes

The former Crestwood Plaza mall has a new developer: Dierbergs Markets and McBride Homes.
St. Louis-based grocery store chain Dierbergs and St. Louis-based residential homebuilder McBride Homes said Tuesday that they now have the site under contract, following months of negotiations with the Chicago-based owner, Urbanstreet Group. The city of Crestwood joined in the announcement.
The 47- acre property is located off Watson Road, just east of Sappington Road. For decades it housed an outdoor mall, then an indoor one, named Crestwood Plaza and then Crestwood Court. But the mall’s last stores closed in 2013. The site at the center of the city has been vacant ever since. ....

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