SOUTH ST. LOUIS COUNTY, Mo– A plan to develop the former site of Crestwood Mall went before that city’s Tax Increment Financing (TIF) Commission Thursday. The $67.5 million project would include $17 million in tax incentives.
Dierbergs and McBride Homes are the forces behind the proposed development at the 47-acre site. The plan calls for a Dierbergs supermarket, retail space and a subdivision with 81 single-family homes. The proposed TIF would not be part of McBride’s plans for a subdivision.
TIF allows developers to use proceeds from taxes generated by a development to help pay for the project to be built.
Many residents are eager for the city to move forward. The mall was built in 1957 and closed in 2013. Several efforts to develop the property have failed.
“Every time it seems like there’s a potential of doing something, it doesn’t happen,” said Crestwood visitor Pam Schaffer. “It’s just a big old prairie and a waste of space.”
Developing the site would require substantial work, according to the developer presenting the plans Thursday.
“I don’t think anyone else would take this on without the assistance that is contemplated,” said John Brancaglione, PGAV Planners.
The plan can be viewed on the city of Crestwood’s website.
The commission adjourned Thursday without making a recommendation. The next step is a public hearing June 17th. The commission will not make its decision until after the public hearing is completed.
Crestwood resident John Bell believes the project would be worthwhile.
“This vacant area has been having birthdays,” he said. “It’s time to put something in.”
Once the TIF commission weighs in, the Crestwood Board of Aldermen would still need to approve the project.