UrbanStreet Group, Chicago, IL. buys the plaza!
Anonymous Anonymous said...
UrbanStreet Group, the Chicago company that’s redeveloping several buildings in downtown St. Louis, revealed itself Friday as the new owner of the empty Crestwood Court mall.
http://www.stltoday.com/business/columns/building-blocks/chicago-developer-is-new-owner-of-crestwood-mall-site/article_f651e635-d120-507a-bfd8-974c07d025a6.html
http://www.stltoday.com/business/local/chicago-developer-hopes-to-transform-vacant-roberts-properties/article_23c8f5c7-4479-5935-97d6-dbd1792902b9.html
"Here is an article about some of their other projects. So far in St. Louis, their projects have been renovation of downtown historic buildings. Dealing with a suburban mall will be new for them (at least in this market)."
8:22 AM, May 03, 2014
This is good news (so far) and I have no reason to believe it will be anything but a good developer for Crestwood as their down town projects are working out well for St. Louis.
Tom Ford
NO. 3063
UrbanStreet Group, the Chicago company that’s redeveloping several buildings in downtown St. Louis, revealed itself Friday as the new owner of the empty Crestwood Court mall.
http://www.stltoday.com/business/columns/building-blocks/chicago-developer-is-new-owner-of-crestwood-mall-site/article_f651e635-d120-507a-bfd8-974c07d025a6.html
http://www.stltoday.com/business/local/chicago-developer-hopes-to-transform-vacant-roberts-properties/article_23c8f5c7-4479-5935-97d6-dbd1792902b9.html
"Here is an article about some of their other projects. So far in St. Louis, their projects have been renovation of downtown historic buildings. Dealing with a suburban mall will be new for them (at least in this market)."
8:22 AM, May 03, 2014
This is good news (so far) and I have no reason to believe it will be anything but a good developer for Crestwood as their down town projects are working out well for St. Louis.
Tom Ford
NO. 3063
posted by Crestwood Independent at 09:44
24 Comments:
Holy Condo Batman, what will the experts say? No entertainment center? Sounds like the BOA was spot on all along when they asked Centrum for residential and Centrum said no, it wouldnt work.
10:08 PM Blogger: It do indeed! Perhaps now SOME OF US will pay attention to what's really going on and forget the emotions!
When the thank you notes go out to the Board members please don't forget EX Alderman Tennesen, his vote was crucial in stopping the hand out's that finally caused the sale of the property to this group!
Tom Ford
Interested to see what this group will propose. This property is very different than almost everything else in their portfolio. Wouldn't surprise me if they are looking for a development partner.
In other news, thought it was interesting that the City of Memphis decided to move forward with the redevelopment of an old mall on their own (presumably using eminent domain) rather than work with the owners:
http://www.bizjournals.com/memphis/news/2014/05/01/raleigh-springs-mall-owners-disappointed-in-city.html
I hope Mayor Roby and his supporters remember the previous administration endured their constant attacks, demonstrations, belittling , threats etc. to prevail. Further i hope Mayor Roby does not take credit for this important event. Although i expect he and his supporters will attempt to spin in their favor. That's politcs.
Shoot, I just hope that Grow Crestwood Facebook allows posts that point out what 10:08pm May 03 said.
Same thing happened on no longer mayor elect Roby's election Facebook.
Ask a question or point out an inconstancy and poof, your comment is gone!
Thank God for Tom Ford and his support of our freedom of speech.
@9:39am
Even when you have something vaguely constructive to add to the dialogue, you usually color it with negativity or a personal attack. Work on your tone if you are serious about debating issues.
Just reporting what happen, sorry the truth upsets you so much.
"I hope Mayor Roby does not take credit for this important event(sale of mall)"
On the Grow Crestwood Facebook someone has already said about Imo's returning to Crestwood:
"It only took Gregg Roby a week? Haha kidding. Let's keep growing."
Jesse Finney
So anything is possible.
Anonymous @9:39am
Amazing, I post using my name on Let's grow Crestwood and no longer Mayor elected Roby's Face Book, have my comments removed and then I'm blocked from posting further and you respond as anonymous to me on Tom's blog.
If I didn't know any better I would say the owner's of both Facebook's have a double standard and fear being asked uncomfortable questions.
But then I need to "work on my tone if you are serious about debating issues."
RIGHT.
5:47 PM BLOGGER: Wow, your "tone!" Well I only know one half of the worlds population that mention tone, and they are completely immersed in it
,
Lord what they must think of my " tone." I think you have them on the run Chuck tone, toning, tanning, or whatever.
Tom Ford
Ok Tom, for you, defender of free speech, servant of the people, and general all around great guy, I will.
Remember when the BOA met with Centrum to work out a compromise on a proposal in a public work session? The majority of the BOA wanted a 80% residential, 20% retail. Centrum said it wouldn't work. Mr. Roby at the GOP debate made fun of the idea.
Well guess what, the new owner thinks 100% residential is the way to go. If Centrum and the members of the citizen prayer meeting had compromised then, the city might have the empty mall developed into 20% retail instead of ZERO % now.
Here's a copy of a post from the Let's Grow Crestwood Facebook page.
"Would love to see a Downtown Crestwood- small retail spaces at street level closer to Watson Road, condos and/or apartments above, and perhaps some single-family or townhomes nearby as well. Based on this developer's other projects, this news is encouraging."
Matthew Hicks
Right on Matt, you and the majority of the BOA shared the same vision as you. Too bad there were not more citizens who had their feet planted on reality as you have. I wonder if new owner has asked a professional planner if they think this idea would work? HA!
Let me share with you the real concern of the Lets grow Crestwood posters.
"More housing in the Lindbergh school district would be the worst thing this developer could do to this already crowded district."
Worried more about the school district than the City in which they live? OMG, face it lets grow Crestwood crowd, there aint gonna be a sales source like we had in the old day again! Instead we need to grow our population to attract the kind of retail business that Mr. Hicks and the majority of the BOA knew would come.
In closing, correct me if I'm wrong dear Anonymous @9:39am, but did I read the new owner of the Mall say that the area was OVER DEVELOPED FOR RETAIL ALREADY?
Hows that for "tone"?
"Well guess what, the new owner thinks 100% residential is the way to go."
"did I read the new owner of the Mall say that the area was OVER DEVELOPED FOR RETAIL ALREADY?"
Chuck,
I'll let others make their own judgments about your tone, but I'll just point out that your facts are wrong. If you read the article instead of skimming it, the only comment from the new owner concerning use is as follows:
"Bob Burk, UrbanStreet’s managing partner, said his company would examine several potential uses for the Crestwood property, including a mixed use of retail and residential components. Plans might also include partnerships with St. Louis developers on parts of the site, the company said."
The comment about all housing and no retail is from a random guy giving his opinion to the reporter to get his name in the paper:
"Richard Ward, principal with St. Louis-based real estate consulting firm Ward Development Counsel, said at the time of auction that the Crestwood site’s future probably wouldn’t include plans for retail development."
All, lets face it, Mayor Roby had nothing to do with the sale or the group that bought the ground.
The group that bought the ground Is blissfully ignorant of " let's grow Crestwood," And this Blog.
The group that bought it will develop its own idea of what to do there, minus us, so.....
Point being that no one can take credit for this as it's an everyday real estate deal in today's market place.
Argue if you will but this property will go up as the Board and the developer see fit. Just thank the good Lord someone with the funding and the will to succeed bought it.
Now lets stand by and watch the scene play out minus the he said / she said foolishness that will be wrong anyway.
Tom Ford
"Worried more about the school district than the City in which they live?"
I imagine so. The school district is the only thing drawing people to Crestwood at this point. Being close to Savers and Good Will certainly isn't.
The school district is the only thing drawing people to Crestwood at this point. Being close to Savers and Good Will certainly isn't.
You mean our new Mayor isn't drawing people to Crestwood?
Latest from the Obama economic development efforts.
http://www.weeklystandard.com/blogs/more-businesses-shutting-down-starting_791127.html
I do hope the retail part of the mix will be a lasting busness, we needi.
Tom Ford
http://www.stltoday.com/business/local/developer-plans-luxury-apartments-and-townhomes-for-richmond-heights/article_27b3439e-fffe-57f1-bab5-40d07340ee9a.html
Just when you didn't think they could possibly cram another thing in that area...
6:30 AM Blogger: Another case of property purchased and even though the area is way over built their going to build more.
Makes you wonder when the bubble will burst, doesn't it.
Tom Ford
Any update on the mall from last night's BOA meeting?
1:10 PM Blogger: Not that I have heard so far. I believe we will see nothing until the tests are completed by the State EPA.
Remember both the City AND the owners have to sign off on the test procedure in order for the State to proceed.
When Centrum sold the property their agreement was null and void, so unless the new owner has signed off there will be nothing further.
Tom Ford
State to proceed with what? They aren't going to abate the asbestos.
8:55 PM BLOGGER: The study, what else ? When do we see YOU in a moon suit ?
Tom Ford
This comment has been removed by a blog administrator.
10:24 AM Blogger: Read the post below that clearly states that YOU must sign your name if your going to personally attack anyone.
Tom Ford
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