WILD Development Story of Market at Olive
Pictured Above: David Hutkin, Bob Clark, Caroline Saunders, and Larry Chapman
Date Posted: May 19, 2026
Posted In: Featured, Ideas, Projects,
by Bob Clark, Executive Chairman and Founder, Clayco
From Bob Clark Beyond: In 2019, the City of University City, Missouri selected Novus Development Co. to lead the redevelopment of a prominent tract of land in U City following a years-long, city-led RFP process backed by Mayor Terry Crow and the City Council. The proposed project was extraordinarily complex, requiring the acquisition of nearly 60 separate parcels, businesses, easements, religious properties, and residential sites, including a former apartment complex owned by the estate of legendary St. Louisan Chuck Berry.
Closing The Deal
Many of the acquisitions were contentious, and the city ultimately voted to assist with securing several key properties within the redevelopment area. Financing had been arranged with Costco as the anchor tenant when COVID hit. One of the original lenders withdrew its $20 million commitment just weeks before closing, jeopardizing not only the land acquisition but also Costco’s commitment to build a new store on the site.
When Novus was first selected, I sent Jonathan “Jon” Brown a congratulatory note wishing him well. At the time, I had never met him.
Then, a year later with only four weeks remaining before the closing deadline needed to deliver Costco, Jon called and asked whether I could help save the deal. Through a whirlwind due diligence process and a partnership assembled with Larry Chapman, David Hutkin, and Caroline Saunders, we developed a plan to step in, take over the development, and contribute $20 million in cash to close the transaction and deliver Costco.
Bold, Risky Move
It was a bold and risky move, and the road ahead proved anything but easy.
The project encountered countless challenges. Environmental issues surfaced after closing. Timelines shifted constantly. The original TIF and CID schedules had already lost valuable time during COVID. The initial development plan, which included office and hotel components, became financially unworkable in the post-pandemic market and had to be completely reimagined. At one point, we moved nearly 40,000 cubic yards of dirt from the north side of the site to the south side simply to balance the property for construction.