ST. LOUIS – The site of the old Crestwood Mall at Watson Road and Sappington Road could see a redevelopment that will cost $67.5 million.
A sign is basically all that’s left at the site, but Crestwood city leaders are hoping to change this with a redevelopment plan. The Crestwood Tax Increment Financing (TIF) Commission is scheduled to review the plans and cost-benefit analysis Thursday night.
The plan for the 47-acre site includes a 70,000 square-foot Dierbergs grocery store along with an 81 home subdivision from McBride, and restaurants.
Documents on the City of Crestwood’s website break down the cost of this plan. Along with the $67.5 million total price tag, developers are asking for $17 million in tax subsidies. Those incentives would come from tax increment financing and from a Community Improvement District (CID).
In general, TIFs use future taxes that will be generated from the development to help finance the costs of the project. After the meeting via Zoom, a public hearing is set to take place on June 17.
The mall closed in 2013 and was demolished in 2017. However, some underground concrete and other structures are still in place.