Crestwood Mall to revitilize, redevelop, WOW, were back!
Please click on the header for a great story (as usual) from the South County Times reference the sale, and plans for the property!
I am excited, (and not much can do that these days) for the property, the owners, and Crestwood! I think we owe our City fathers, and all who worked on this project an "attaboy," don't you?
Tom Ford
NO. 485
I am excited, (and not much can do that these days) for the property, the owners, and Crestwood! I think we owe our City fathers, and all who worked on this project an "attaboy," don't you?
Tom Ford
NO. 485
posted by Crestwood Independent at 18:34
24 Comments:
According to the St. Louis County Assessor's Office the mall sold for $17.5 million. Westfield bought it for $99 million from Hycel. Looks like Westfield took a bath. Serves them right for running it into the ground and that looks like all the new owners bought.
Hard to know if they really took a bath on it without knowing how much they made and how much they were able to depreciate. Less taxes to pay to St. Louis County over the years.
These commercial investors wring every last cent out of these properties and then turn around and ask for tax help to fix them up again. We really should not give out any tax money unless we have a contract that says they need to maintain this property for the long haul.
Since the Mall sold for the fire sale price of $17.5 million I don't believe any tax relief is required from the tax payers. They paid for the land and received the buildings for free.
Crestwood will now lose the property tax paid on the $99 million dollar evaluation and have to live on the property tax paid on $17.5 million. The BOA has one heck of job to balance a budget next year.
The property was assessed at $30,400,000.00 in 2007.
Just think about how many residential homes are "Over assessed" now that the real estate bubble has broken.
10:12 AM blogger: Excellent point! I know of several houses that are NOT selling in Crestwood, and have been on the market for at least six months!
Now, we need to band together and go after the State and County boy's to get our homes re-appraised.
Tom Ford
Since the Mall sold for the fire sale price of $17.5 million I don't believe any tax relief is required from the tax payers.
Obviously, you know little about the current retail market and redeveloping properties. The new owners will have to tear down a bunch of crap and mitigate a boatload of asbestos. The rents they will be able to secure from retailers/tenants won’t come close to covering these costs, let alone generate the type of ROI that will be required to secure construction financing. If Crestwood wants this to happen, then it better get out the checkbook. If you don’t think assistance is warranted, then take a pass on shopping at the new center and try and find some other development that hasn’t had tax relief. Good luck in finding it!
I only wish you knew as much as I do!
Apparently developers assume municipalities will do most anything to get their development. Crestwood should start a new trend. Ask for a 5 year guarantee of business and development and then talk turkey. If these guys paid for just the land essentially, then let them develop it. They have the bucks. Crestwood did not do any arm twisting for them to buy it. If they are on their own, they are likely to make things happen. Think about it. We should stand back and resist being made to look desperate. TIF's are no guarantee and should be regulated.
Think about it. We should stand back and resist being made to look desperate.
Sorry, with 70%+ of our revenue coming from sales tax, that ship sailed ALONG time ago.
With what they paid for it, the developer is the one who can "sit back" and let ALL of the leases expire. Macy's and Sears have escape provisions in their leases that will allow them to leave should mall occupancy fall below a ceritan level.
What you propose will result in the City bleeding a SLOW death.
We need to partner with the new owner and be involved form day one. We don't have to give away the store, but to "stand back" will result in a disaster.
3:337 PM blogger: While I am opposed to the ideas of TIF, CID, and TDD as a "tool" to help communities, I do agree that we need to be involved from "day one."
The sooner were in on the deal the better as we can then see exactly what they have in mind for the property.
The only way I believe we should grant any sort of tax relief in my opinion is a quid pro quo partnership between the City and the developer's.
We have become a poster child for these programs, and what we got in return was very lop sided by comparison.
This time let's get in there and negotiate the best deal we can for the City!
Tom Ford
Just wondering what happens if the new owners, as they said, try to work with remaining tenants and that does not go so well, so they decide well, we tried, so now we will do plan B, which will not be bringing in buckets of tax revenue?What would happen to any assistance we had given them once this happens? In other words, does giving assistance leave us out iin the cold when it is determined that Plan A won't work? We cannot lay ourselves wide open can we? Seems we need an iron clad something or another. Someone who knows - please enlighten us. Most of us do not want any more egg on face. This is way too serious. The Kohl's parking lot/private pool is far from forgotten. Trust me, residents are not ready to throw a dime at rich developers without insurance and promise. Remember, we almost got a 14.5 M. Dollar City Hall dropped on us. Good sense and shoe leather prevailed, but not because officials used good sense, it was because PEOPLE had good sense. Things like this happen and then later we get the cold hard facts dropped on us and everyone wonders why.
The Kohl's parking lot/private pool is far from forgotten.
People keep bringing this up. I'm at a loss because I just don't understand. Kohl's woudn't come to town unless they got extra parking. The developer bought property, but made a mistake in how they acquired title and didn't get reimbursed for all of their cost. That's a bad thing?
The City got a chunk of the property for $1 to increase parking at City Hall and got money to repair its parking lot. All paid for by those who shop at Kohl's. I suspect that most people who shop at Kohl's don't live is Crestwood.
But, the average Crestwood resident got a new store, more parking at City Hall and didn't have to pay a dime to fix the parking lot. How is this a bad deal? I just don't understand......
What would happen to any assistance we had given them once this happens?
The "assistance" only comes AFTER they are successfull. If they aren't, they don't get the $.
Under "plan B", they don't get any money and the City is no worse off than it is now, with a mall that is 3/4ths empty.
"But, the average Crestwood resident got a new store, more parking at City Hall and didn't have to pay a dime to fix the parking lot. How is this a bad deal? I just don't understand......"
Didn't you leave out one small part of that deal (private swimming pool?)The City did get 16 spaces that are taken up along with many others every summer by that pool.
The parking lot has not been fixed, and the extra Kohl's parking lot is never used, that's how.
People keep bringing up the pool including myself. People keeping bringing that issue forward like it is something brand new and new food for thought.
But after all this time, and all the drama which I myself have been part of, no one has been able to find one single solatary shread of evidence that any wrong doing has occur in order to make it a Federal case. I say this because if there was any proof positive, we could have taken this forward.
So as far as I am concerned, we can cry about it and scream about it until Jesus comes, and make all the accusations we want, but the fact remains that this issue is dead and buried.
We have Kohl's. If you don't like it, don't shop there is all I can say. I have spent too much time trying to figure out the issue of the pool and frankly it has done nothing for me but make me very tired.
So onward
AMEN Brother, Amen!
Well the "paper" gave the Mall some publicity in this weeks edition! I noticed though a snide remark about those "uninformed" people that said "were back!"
That led me to wonder how an editor from a minute local paper would know if were "uninformed!"
When last I looked, we live in Crestwood, and DO know what's going on, he lives in L.A. (lower Arnold,)and relies on information from ?
I will take our "uninformed" readers over his aggravating bravo sierra any day.
WE ARE BACK! And if he doesnt like it, report on the flower show, or something else he feels qualified to report on, because it sure isn't Crestwood!
Tom Ford
Tom,
I agree with you that the "newspaper reporter" is an absolute joke who is not even worth talking about, but lets wait and see what happens before we start declaring that "we're back!" I hope we do come back and I think we are, and have been moving in the right direction but there is much more work to be done.
Hmm. South County Mall was revitalized without tax assistance. It happens.
West County got a TIF.
Mid Rivers Mall?
Shoot, every developer is going to ask for it whether they need it or not.
Crestwood was a sellout to use tax dollars for new signage, HVAC and parking lot repairs on the other "blighted" property on Watson. That opens the door for every other shopping center to ask for these concessions. Where is it going to stop? Might as well have the government own the storefronts too. Next we'll be giving the grocer some money for new freezers and shopping carts.
Well you sure have faith, I'll give you that! If everybody has your attitude, we would all really be true to Crestwood wouldn't we?
I think it is very normal to at least try to hope that we will survive. Unlike you, who probably has never, ever liked living here or anything in your existence.
My suggestion is instead of hoping and wishing for a new revival like the rest of us, go live somewhere else. Frankly, I get tired of the bitching.
You sir are a very unhappy and negative person by your very nature with doom and gloom as your mentors. When you loose hope, there is nothing left of a person but an empty soul.
A very nice letter to the editor from a Webster groves woman who is excited about the change! In the South County Times (a real weekly newspaper!)
"Cheers To New Owners Of Crestwood Mall
Three cheers for Sol and Keith Barket, the new owners of (formerly) Crestwood Mall!
Not surprisingly, it took two St. Louis natives to recognize the potential for development of this desirable location and to understand that, as they said, "St. Louis is different" — undoubtedly a place where tradition and memories strongly influence the places where individuals choose to live, work, and, of course, shop!
A sense of community closeness far outweighs closeness to an interstate, and the new Crestwood Court is ideally situated to serve the central location currently in need of a revitalized shopping venue. In the Webster, Kirkwood, Sunset Hills, Sappington areas alone, the well-established, sought-after residential neighborhoods enhanced with the many new villa developments and proposed retirement centers will provide a varied and enthusiastic clientele for the new mall and a vital audience for the entertainment venues.
Thank you, Sol and Keith, for your vision! Current anchors like Macy's and Sears, as well as Kirlin's, the Gap, and other small shops (and I hope they all stay!) still provide an excellent shopping experience, but it has been genuinely painful for so many of us who, like yourselves, remember Crestwood Plaza's better days, to see the departure of so many of our favorite stores.
My family, friends, and I are already anticipating hearing more about the planning stages of your project and looking forward to a long-awaited redevelopment that will combine the best of the old with the most forward looking of the new!"
Now she thinks this is great, I think it's great, so can we all say were on the way back?
Tom Ford
who is "were"?
6:38 PM blogger! CRESTWOOD, that's who! Now maybe your not back yet, but that's not the problem of the rest of us who believe in Crestwood, now is it?
Tom Ford
Hmm. South County Mall was revitalized without tax assistance. It happens.
South County was on an Interstate... could ge much higher rental rates from tennants. It involved VERY litte demolition and no PARKING GARAGES. Do you know what the build out cost is per space for grage parking these days?
ALL of the TIF at West County was for the parking structures.
Mid Rivers is also on an Interstate, no structured parking, very little demolition and has demographics that retailers droole over. Everything Mid Rivers is, Crestwood is not. Thus the the need for TIF to buy down the cost of redevelopment to the point at which the owners can get a decent ROI.
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