Crestwood Courts auction site on line
http://www.crestwoodcourt.com/
Well, now the movie folks! At last look the bid was 1 million with several hours to go.
Tom Ford
NO. 3059
Well, now the movie folks! At last look the bid was 1 million with several hours to go.
Tom Ford
NO. 3059
posted by Crestwood Independent at 18:18
29 Comments:
There's a bid! It's up to $1.5M. But, the bigger question is what's the reserve on it? $5M? Previously, the word on the street was they'd let it go for $10M. Maybe we'll know a little more by noon tomorrow.
I wonder if they take PAYPAL..
Hopefully it's like Ebay where all of the action will be in the last hour (or last 10 minutes).
11:36 AM BLOGGER: If you can back It, give it a shot!
9:31AM LOGGER: Saul said in a meeting that he would take 5 million, I hope someone calls his bluff!
Tom Ford
I heard Saul say at a BOA meeting the first $10 million gets it.
Auction will, I guess, tell us what it is really worth
Saul also said 5 million at the meeting at White Cliff I do believe.
Tom Ford
17 hours to go, bid is 1.5 Million and holding.
Tom Ford
6 hours to go, bid is still 1.5 Million.
Tom Ford
Part of the plan from the start. The centrum folks will be back at the tax payer trough asking for money again. This summer should be intersting.
@7:09 am
It's hard to "plan" how a public auction will go. News of the auction was reported by all of the news channels, the Post, the Business Journal, the RFT, and hit the AP wire.
http://www.ksdk.com/story/news/local/2014/04/21/bidding-opens-on-crestwood-court/7983429/
And at least one Crestwood business owner recognizes that development will help him too. The way this article reads it makes it seem like the owner of Savers wants to bid, but I think that's probably a typo.
@ 7:09a - Whether the auction was Centrum's "plan from the start" or not, it appears at this point with less than 4 hrs remaining that there really is only one entity other than Centrum interested in redeveloping that property. Whether it's the guy who wants to do primarily residential with a small retail component or the company interested in creating an industrial park, that's it. If, a new purchaser does not emerge from this auction and Centrum comes back to the "trough" this summer, it's time for this Board to step up and let the process play out. Likewise, if Centrum doesn't come back, then maybe the City itself should get proactive on the mall and use all available tools to turn around that eye sore and the embarassment our city has suffered over the last few years as a result of it.
This embarrassment, this eye sore, started when former Mayor Roy R. promised Centrum a TIF if they bought the mall.
Remember? That's what Saul told us.
Proactive, share with us your wisdom on what that would be?
Proactive could mean anything from opening the lines of communication back up with Centrum and having some real work sessions all the way to imminent domain.
BTW- the bid is up to $2M now. So, we know at the very least, we have 2 interested parties in the property.
Over 3M now....
What are "real work sessions"?
Going once, going twice, sold at $3,635,000! Now the big questions...was the reserve met? Who's the buyer, if so?
http://www.stltoday.com/business/local/auction-brings-in-million-high-bid-for-vacant-crestwood-mall/article_fcda3ff3-586b-5113-b32e-7bd9de6e633a.html
"Richard Ward, principal with St. Louis-based real estate consulting firm Ward Development Counsel, said the site's future likely won't include plans for retail development. "There is a lot of other retail nearby, and nobody is building regional shopping centers anymore," said Ward, who's not representing any of the parties in the auction. "It's future is something other than retail, such as multi-family housing. I think building more density is the best thing they can do."
I hope this guy is wrong and we don't wind up with a sea of apartments there.
Fresh from the Wall Street Journal:
http://online.wsj.com/news/articles/SB10001424052702303873604579495473078947670
The towns being discussed are in the West, but the lessons also apply for Crestwood. It shows the danger on just getting housing with no retail. A high-density housing development like apartments would probably stress Crestwood as well as the Lindbergh School District. If housing is a part of this new development, it needs to be but one component, with preferably retail (for the sales taxes) being the main component. I guess we'll see what the next few months bring.
Time for a high density apartment complex with a nice "senior" component that will force the Lindbergh School District to buy the old Watson Elementary and go out for another bond issue. Fire and EMS can get ready for dramatic increase in calls for service.... all from a “commercial” development (apartments are assessed as residential property) that generates no sales tax and minimal property tax. All this after the new buyer files to re-zone the property, the City denies the request (When Board of Aldermen wakes up and figures out above.) and new owner sues and City looses lawsuit and is forced to pay six figure legal bills. This is going to be a hoot.
Hope Roby is "proactive" like he promised us he would be.
The housing for seniors came into being under Roy, remember? This after Roy's gang stopped a retail and residential development mix to save the "new and improved Creston center" because it would used imminent domain.
My how history repeats it's self.
7:09 PM, April 23, 2014
Nice try. That was under Robertson not Roy. Mill's Properties proposed an upscale apartment complex that would cater to single exec types. Was willing to pas a property tax CID to pay the Affton FPD tax bill. Creston Center owners fought it and Robertson caved.
Read what was posted, Roy's boys stopped a mixed use of retail and high end condo's & villas because it would use imminent domain.
Robertson caved under the pressure exerted by Roy's Boys under the direction and money of the Creston Center's ownership. Roy ran in part against the development and saved for all of us the wonderful new and improved Creston Center to enjoy. Plus under Roy's watch a senior housing complex was built, the kind that has been dissed in earlier posts as being too costly to the city. But that's not what Roy thought, back in the day.
That's why Roby was asked since Roy is your largest finical supporter, how will you being a full time mayor be different that Roy's full time mayor. Roby couldn't or wouldn't answer. Guess we will learn after the fact what the difference will be.
Gee, wouldn't it be nice to have the Mill's Properties proposal there now?
Roy's boys stopped a mixed use of retail and high end condo's & villas because it would use imminent domain.
Really? This all occurred over 3 years BEFORE Roy began to think about running for Mayor. Don't see Roy's name mentioned in the article from 2002 concerning the property.
http://www.southcountytimes.com/Articles-i-2002-12-06-176645.114137-Improvements-Planned-For-Creston-Center.html#axzz2zlPfOzLg
Wrong, Robertson didn't finish his term.
"07/30/2004 - Crestwood voters will go to the polls Aug. 3 to elect a mayor. The special election is being held to fill the remainder of the unexpired, three-year term of former Mayor Jim Robertson. Robertson resigned the mayor's post in January(2004).
The winner of the Aug. 3 election will serve for eight months, until April 2005, when another mayoral election will be held. The winner of the April election will serve a three-year term." South County Times
2003 was when Roy was at meetings with others opposed to the use of imminent domain IE: Kerry Tisher (sp?) for the Mill's proposal. Once that was stopped, Roy changed his stance on the building of a new police station and Don Greer holding two positions, (like he allowed Jim Echridge to do) and ran and was elected mayor in 2005. Roy was seen leaving the Creston Center in 2003 with it's owner.
Eminent domain, Kelley Isherwood, Jim Eckrich.
Just adding some accuracy to the discussion...
Martha Duchild
Well, is it sold, or isn't it? Only the shadow knows!
Well, could be the Mayor does.
Tom Ford
"Just adding some accuracy to the discussion..."
LOL. Good luck with that!!
By all that IU have read and been told we can expect the new mall (or whatever) to pop up by next week, right?
Tom Ford
http://www.callnewspapers.com/Articles-Our-Town-i-2014-04-23-272431.112112-Crestwood-Court-not-yet-sold-Barket-says.html
Reserve must not have been met. Looks like they are trying to sort out a sale anyway. Perhaps 5 million was the minimum.
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