New UCity Development Completely Filled, Developer Says
Date Posted: December 19, 2024
Posted In: News, Projects,
From St. Louis Business Journal: All of the potential tenant spots at University City’s Market at Olive development has been spoken for, the developer of the project said Wednesday after grocery store chain Dierbergs closed on the property that will be its future store.
At this point, every one of the potential retail spaces at Market at Olive have signed leases or a letter of intent, said Larry Chapman of Seneca Commercial Real Estate, who is part of the development team on the $211 million development.
Although the letters of intent are not finalized, they are being negotiated and close to being finalized, Chapman said. The development team plans to announce the final tenants in 2025, he said. Along with Chapman, the Market at Olive project is co-owned by a joint venture comprised of developers Bob Clark of Clayco, the project’s general counsel Caroline Saunders and David Hutkin of Hutkin Properties Group.
The project, which received $70 million in tax increment financing, used eminent domain to create a new shopping corridor lining both sides of Olive Boulevard in an area that previously consisted of smaller businesses and houses. The development is anchored by a Costco store that opened in October 2022.
After originally dropping out of the project, retailer Target said earlier this year that it would build its largest store in the St. Louis region at the site, with a parking garage built by the developers.