The Staenberg Group [TSG], headed by Michael Staenberg, has completed the purchase of Chesterfield Mall.
The transaction, which was finalized on Feb. 14, follows TSG’s acquisition of the Sears building at the mall in April 2018 and positions the company to control and lead the impending development. Macy’s and Dillard’s remain landowners at the mall.
“This is the start of Downtown Chesterfield, a high-end, urban, mixed-use development that includes multi-family residential, corporate office, upscale retail and restaurants, a theater, boutique fitness, supermarket and pocket parks,” explained Tim Lowe, vice president of leasing and development for TSG. “The entire development will be designed to create a vibrant, suburban city center where residents can live, work and play. Chesterfield is the ideal location is for this type of unique redevelopment.”
As the new owner, TSG plans to work with Macy’s and Dillard’s regarding their interest in participating in the proposed development program.
The proposed development will enhance the quality of life for the community and offer residents and visitors the chance to connect in a new way, company officials have said.
“Endeavors of this magnitude take shape very methodically, and the process typically requires a number of years to complete,” Lowe said. “The initial phase will include re-zoning, entitlements, financing, master planning and design.”
TSG has a strong track record of successful developments within Chesterfield, and the company understands the significance of the Chesterfield Mall property to the local community. In addition to the Chesterfield Mall development, TSG owns multiple other properties in Chesterfield, including the former Taubman Prestige Outlets that will be transformed into The District.
Deemed as “retailtainment,” The District will include a mix of retail and entertainment offerings, including a 3,000-seat music venue to be known as “The Music Factory.”
Staenberg’s other holdings in Chesterfield, include:
• Partial ownership of Chesterfield Commons, a 2-mile long open-air shopping center on the south side of Chesterfield Airport Road.
• Chesterfield Valley Square, a retail center located just west of the Commons, which is 100% leased and anchored by Bar Louie and Oishi.
• Thirteen acres of raw land at 17511 Chesterfield Airport Road, adjacent to the existing Lou Fusz Ford dealership, which recently was approved by the city of Chesterfield as the site of new Jaguar and Land Rover automobile dealership.