Shopping center revitalization plan has first tenant
June 17, 2012 by Sarah
There is hope for a once prosperous shopping center, sitting on a practically vacant 122-acre location, and its initial occupant will soon be up for improvements.
St. Louis property developer Raven Development, of the virtually unfilled Northwest Plaza shopping center in St. Ann, disclosed the first tenant to the County Tax Increment Financing (TIF) Commission on Wednesday, May 23 for the fashioned $106 million restoration.
Menards, the hardware chain from Eau Claire in Wisconsin, will be the first anchor occupant and wishes to procure 17 acres for the construction of a 160,000 square-foot store, announced Raven Development’s CEO Bob Garner.
Northwest Plaza is located at Lindbergh Boulevard and St. Charles Rock Road. The new store will be situated at the northeast corner and is expected to be built within 18 months, said Michael Corcoran, the mayor of St. Ann, on Fox 2 News this week.
According to Corcoran, the final vote of the TIF Commission is tonight, and the mall’s closing will take place in the second week of July through Raven Development, using $33 million in tax increment support and $7.8 million in Missouri brownfield tax credits for asbestos removal. The shopping center will be a mixed-use, open, and safe shopping center which could eventually have a shuttle from the Lambert-St. Louis International Airport.
Northwest Plaza was built in 1963 by the Zorensky family. The center has changed ownership numerous times, eventually ending up in foreclosure. Raven Development bought the property for $6 million.