The development will be built in three-to-four phases says Tom Weiler, president of the company. "We hope the first phase will come out of the ground next spring with the retail, in conjunction with 400 apartments, and 125 condos and flats," he tells GlobeSt.com. The first phase will be about 75 acres, and the next phases will be in 50-75 acre slices, he says.
Weiler says the property will have many small retailers with several restaurants. "We're in negotiations with several different national retailers, but nothing signed yet," he says. It's too early to determine lease rates for the retail, he says. Subsequent phases will include office buildings, he says. The property is in the St. Louis market area.
It's too early to name the project, Weiler says. "We're in the process of working with the city, getting the roadways and levee built," he says. "With the opening of the Maryland Heights expressway, that opened up a pocket here that is currently not being tapped by malls, it's an area about eight miles wide. Immediately in the 1-mile area there's no residential, but in five years, the apartments and condos will add to that. This will really help open up the Howard Bend District." City officials believe the Howard Bend area will double the 22 million sf of commercial space in the Maryland Heights area, including a plan by First Industrial to build three spec flex industrial buildings and offices.
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