Developer May Ask University City to Help ‘Obtain’ Homes in Project Footprint
Date Posted: July 28, 2020
Posted In: Discussion,
From St. Louis Business Journal: The developer behind a $189.4 million Costco-anchored project in University City has threatened to have the city help “obtain” properties from homeowners who refuse to sell.
This past week, Novus Development sent correspondence to about five homeowners located in the project’s footprint who are not under contract with the developer stating it hopes “we will not need any assistance from the city to obtain,” according to a copy reviewed by the Business Journal.
It’s not clear how the city could help Novus Development. City officials have long stated that it would not use eminent domain on owner-occupied residences in the project’s footprint. Webster Groves-based Novus plans to develop a mix of retail anchored by Costco, apartments, office and potentially a hotel at Olive and Interstate 170 in multiple phases. City officials approved $70.5 million in tax increment financing for the project last year.
“University City will not use eminent domain on any owner-occupied residences. Period. We simply will not,” University City Mayor Terry Crow told the Business Journal in 2018. “We want everybody to stay in University City. We want them in our community.”