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Tuesday, 25 March 2014 10:55

Crestwood Mall on the auction block

If you have an extra million dollars in your savings, you could be the proud owner of your own shopping mall.  

The St. Louis Post Dispatch reports that the minimum starting bid for the former Crestwood Plaza is one million dollars.  

The owners of the vacant mall hope to sell the property through an online auction.  

The auction begins April 21 and concludes April 23.  

After failing to get tax incentives last year to overhaul the facility, its owners dropped redevelopment plans for what was the St. Louis area’s first regional mall which opened in 1957. 

Published in Local News
Wednesday, 27 November 2013 06:06

For Sale: Shuttered Crestwood Mall

   A once-bustling Crestwood mall will likely never see shoppers again.  
 
   After a failed effort to secure tax incentives to revamp the former Crestwood Plaza,  its owners are walking away from redevelopment plans and putting the property up for sale.  The St. Louis Post-Dispatch reports that Chicago-based Centrum Partners and co-owner Angelo, Gordon & Co., a New York-based hedge fund, have contracted CBRE, a commercial real-estate firm, to sell the 47 acre site along Watson Road.  
 
   It'll be up to the buyer to decide, but the old mall will likely be raised.  A CBRE broker who's handling the sale, told the paper the site offers a good opportunity for a hospital or university to build a new campus.
Published in Local News
Wednesday, 24 July 2013 00:48

Crestwood residents march over stalled mall

   Some Crestwood residents say city leaders are dragging their feet on a plan to redevelop the shuttered Crestwood Plaza.  Dozens of people marched from the old mall to City Hall Tuesday to express their concern.

   Developer Centrum Properties wants to turn the site into an entertainment center with a movie theater, bowling alley, restaurants and retail stores.  But their plan calls for $22 million in taxpayer subsidies -- a figure Crestwood Mayor Jeff Schlink says he and many aldermen are not "comfortable" with.

   "If we're going to grant and issue those tax breaks for them," Schlink said, "they're going to have to be done on terms that we feel are reasonable for the city."

   Centrum officials say if they can't work things out, they may have to sell the land one parcel at a time.

 
Published in Local News

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