A proposed $54 million retail development on a 28-acre tract of land, located north of Interstate 70 and off Mid Rivers Mall Drive, has received the green light from the St. Peters Board of Aldermen.
The board approved a rezoning, a redevelopment agreement and three special-use permits at their June 23 meeting, sought by GBT Realty Corporation of Brentwood, Tenn. for the shopping center, called The Shoppes at Mid Rivers.
Jeff Pepe, a managing partner for the shopping center division for GBT Realty, told aldermen that ground may be broken for the project by late summer or early fall, with site work completed by the end of the year. Pepe said the hope is to have construction complete by summer or fall of 2017, in time to have stores open by the holiday season in 2017.
Pepe did not identify any tenants.
“What I can say is that they are all nationally recognized names, many of which are new to the St. Peters area, some of which are new to the St. Louis area,” Pepe said.
The company is working with the Missouri Department of Transportation on road improvements and with the city for construction permits. Pepe said residents and the city will like what they see.
“We build first-class shopping centers,” Pepe said.
In a news release, GBT Realty called the project “the largest retail development in the St. Louis MSA [metropolitan statistical area] since 2008.”
The site is immediately north of Interstate 70 and east of Mid Rivers Mall Drive, bounded to the east by Lou Fusz Chevrolet. The site also is just north of Mid Rivers Mall, which is located just south of the Mid Rivers/Interstate 70 interchange.
GBT officials said in the release that the development would generate roughly $3.5 million in annual local tax revenue, and “more than 1,200 local jobs between construction, full and part-time employment by bringing nationally applauded retailers to this community.”
The board approved a rezoning of a portion of the property to general commercial from light industrial and several special use permits allowing the sale of firearms by sporting goods stores, kennels for pet stores and a convenience store and gas station.
The board also approved an agreement allowing the property will be included in a 725-acre old tax increment financing or TIF area that in much of the old town area of St. Peters. A TIF would defer some taxes but the old town TIF may soon lapse, city officials said.
The 300,000 square-foot regional center will include three anchor tenants, five to seven junior anchors, small shop space and four outparcels sized at approximately one-acre, the GBT news release adds.
“The Shoppes of Mid Rivers will be located at the center of St. Charles County and the heart of its dominant retail corridor,” Pepe said in the release. “Immediately north and facing the only regional mall in the county, the center will have unparalleled frontage, visibility and access.”
Demolition of the existing buildings on the site is slated immediately for after the site is bought later this year. ABC Supply Company, which has a building on the site, relocated to O’Fallon earlier this year and the Wm. Nobbe & Co.’s John Deere dealership, now open, will relocate.