Developer Reveals Revised Plans for Crestwood Mall Project
Date Posted: December 30, 2015
Posted In: Projects,
From St. Louis Business Journal: Chicago-based developer UrbanStreet Group LLC’s revised plans for the shuttered Crestwood Court mall now top the initial $100 million price tag but include less public subsidy funding.
The project’s revised figures, presented at the city of Crestwood’s Tax Increment Financing Commission’s meeting Tuesday night, now call for total spending of $104.3 million but reduce TIF and special sales tax funding to $25 million, the St. Louis Post-Dispatch reports. UrbanStreet initially had requested tax incentives totaling $27.8 million.
The 47-acre project proposed by UrbanStreet includes retail, entertainment and dining components, as well as housing, the project’s most controversial element. Some 225 apartments proposed could bring new enrollment to the Lindbergh School District, which has opposed TIF for the housing.