Posts Tagged ‘commercial real estate’

On January 23, a group of concerned citizens will gather to mall-walk at Northwest Plaza in hopes of spurring interest in its revitalization.

Though Northwest Plaza was once touted as the “largest mall in the world,” boasting nearly 200 retailers, today you can walk its massive, lifeless corridors and barely find a store or another shopper in sight. Following foreclosure in 2009 and the recent news that anchor Macy’s is closing, the mall’s future definitely hangs in question. But St. Ann resident Steve Erdelen, who grew up hanging out at the Plaza’s Grand Court Fountain, has a plan that he hopes can change that.

In late December, Erdelen, 54, started the Facebook group “I hung out at the fountain at Northwest Plaza as a teenager,” quickly drawing more than 700 members. Inspired by the enthusiastic response, he launched a successful spin-off group, “Let’s Revitalize Northwest Plaza Now!,” and is currently aiming to funnel that interest into a genuine grassroots movement.

On Saturday, January 23, Erdelen is inviting anyone with a desire to see Northwest Plaza revitalized to join him at the mall, on the site of the late fountain, for a mall-walk and informal reunion. He attempted to organize a formal gathering – a big bash featuring live music and probably more simultaneous visitors than the mall has seen in years – but mall managers told him that would not be possible. So onto plan B…the mall-walk.

“This cannot be considered an ‘event’ because many groups of people walk the mall every day,” Erdelen says. “There will just be a lot more mall-walkers on that day.” And what does he hope to achieve with this walk? Primarily draw attention to the fact that plenty of St. Louisans still care deeply about Northwest Plaza and want to see it rejuvenated.

“It became apparent that everyone wanted to get back together, so why not do it at the mall and generate some awareness that we really do care about Northwest Plaza’s future and we want to do something about it,” Erdelen said. “By creating a voice of thousands of interested parties, we hope to convince local government and developers that there is a demand for revitalization and a market for business.”

Personally, Erdelen would like to see Northwest Plaza converted into a mixed-use development featuring both retail and residential. He also believes it’s imperative that the mall return to its original open-air design, which offered more of a neighborhood feel and many unique architectural features, including the modernist fountain that Erdelen and so many others are nostalgic about to this day.

Once Northwest Plaza went into foreclosure in 2009, it was purchased by St. Ann Shopping Center LLC, a newly formed conglomerate of institutional investors that obtained the property for $29.95 million after being the sole bidders. Several years ago, the city of St. Ann formerly approved tax increment financing (TIF) of up to $98 million to revitalize the mall, and city officials once discussed the possibility of locating a Wal-Mart and even an Ikea there, but since the new owners took over, no firm plans for redevelopment have been shared with the public. Perhaps Erdelen’s mall-walk can start the ball rolling once again…

If you care about the future of Northwest Plaza and would like to join Steve and his legion of Facebook fans, meet at the mall’s center court, in the raised stage area, at 1pm on Saturday, January 23.

Under construction at Evans and Hanley in the NorthPark development, this building will house Express Scripts' new distribution facility.

It has been a very good month for commercial real estate development in North County. First, Express Scripts ended a cross-country battle for its proposed distribution facility by deciding that NoCo, not suburban Philadelphia, would be the site of its new plant. Then today, Lambert Airport announced that it will soon sign a deal with Maryland-based AeroTerm LLC to build 76 acres of new cargo centers just north of the runways.

The new Express Scripts facility will employ 300 workers and process up to 110,000 prescriptions every day. It’s expected to open in the spring. The new cargo buildings will amount to at least $40 million in local investment, and hopefully play a key role in Lambert’s plan to attract Chinese air freight carriers to the airport area.

Paul McKee, whose company McEagle is co-developing NorthPark, the 550-acre business park at Hanley Road and Hwy 70 where the new Express Scripts plant is being built, has said that luring Chinese cargo business to Lambert is vital to the success of his project, as well as the economic future of North County.

Own this vintage building right next to Cose Dolci in Ferguson

I’ve been following North County real estate for years, so I know a good deal when I see it. There are currently two incredible bargains in Downtown Ferguson – two delightful commercial buildings that are selling for a song.

The first, 104 S. Florissant Rd, is a charming 1930s building offering 5,863 square feet and the potential for 2-3 storefronts. It’s right next door to Cose Dolci bakery and just a few steps from the farmers market grounds. It’s listed for a mere $100,000.

Restore this historic building and you might qualify for a facade improvement grant from the city of Ferguson.

The second bargain, 15 S. Florissant, is another charming 1930s building, also within steps of the farmers market and the NAC Gallery. It has 4,452 square feet and is listed for just $126,500.

Both of these buildings are located in Ferguson’s downtown zoning district #1, so they must be developed into retail storefronts. But the good news is they potentially qualify for financial assistance from the city of Ferguson – in the form of TIF funds and/or facade improvement matching grants.

Got any ideas for these great properties? I think there’s a market for a fun, quirky artist supply store in NoCo (like ArtMart, not that stinkin’ cornball Michaels). What do you think?