Staenberg Buys Sears at Chesterfield Mall in First Step Toward Redeveloping the Entire Facility
Date Posted: April 24, 2018
Posted In: Projects,
From St. Louis Post-Dispatch: Michael Staenberg’s real estate development firm says it has acquired the Sears department store attached to the Chesterfield Mall in what could be The Staenberg Group’s first foray into redeveloping the failing mall.
The Staenberg Group (TSG) will also make an offer to buy the rest of the 1.3 million-square-foot mall next month in hopes of redeveloping the facility into a massive mixed-use destination, said Tim Lowe, TSG’s vice president of leasing and development.
“This is the first step in the redevelopment process and it gives us the ability to control and lead it,” he said. “We will find out who else is participating in the process and then create a development plan that will ultimately have to be approved by the city.”
Officials with Sears did not return requests for comment.
Lowe said TSG envisions an open-air, high-end mixed-use project with residential, office, retail, restaurant, theater, health club and supermarket components. In all, the project would cost more than $100 million, he said.
The development would be similar to Santana Row, an upscale living and shopping district just north of San Francisco, Lowe said.
“There’s nothing like it in St. Louis,” he said. “It’s the right real estate in the right market.”