CRESTWOOD, Mo – The city of Crestwood says the developer on the Crestwood Mall redvelopment project is not moving forward with its purchase of the property along Watson Road.
The city sent out a press release saying Walpert Properties cited concerns with the current economic climate tied to COVID-19 for the move.
Walpert Properties was purchasing the land from the UrbanStreet Group, LLC. The Crestwood Mall closed in 2013.
In October of 2019, FOX2 reported Walpert Properties announced the $100 million-dollar project was now estimated to cost $300 million dollars.
There were also concerns from residents in the community over the development. The Lindbergh School District opposed using tax increment funding for the project because the property wouldn’t generate tax revenue, and could add more students to the district.
Crestwood Mayor Grant Mabie said in the statement, “We are disappointed and frustrated with this outcome.”
Mayor Mabie said he is working with other city officials at pursuing other options. He also said, “It is imperative that we continue putting forth our maximum effort to bring about the redevelopment of the former Crestwood Mall.”