Bed, Bath & Beyond Signs at 500,000-SF Center

Construction has already begun on the first phase, which will consist of four multi-tenant buildings and two junior anchor buildings, with a reported cost of about $33 million. Tenants already signed include Coldwater Creek, Chico's, White House/Black Market, Banana Republic, Victoria's Secret, Ann Taylor Loft and Talbots. Other retailers coming to The Meadows include Jos. A. Bank, The Walking Company, Bath & Body, Kay Jewelers, Claire's, Sunglass Hut, Yankee Candle, Lenscrafters Optique, Eddie Bauer, New Balance, NY & Co., Select Comfort, Gymboree, Christopher & Banks, and BC's Kitchen, a new concept by St. Louis' restaurateur Bill Cardwell. The Bed, Bath & Beyond store will be 25,000 sf, and will face Technology Drive.

Karen Land, leasing director for Davis Street, tells GlobeSt.com that the first phase will likely have about 50 stores. She says she's not sure how many stores will eventually be built on the 63 acres, which her company reportedly purchased earlier this year for more than $14 million. Negotiations are now going on for the main anchor, expected to be roughly 130,000 sf, Land says, not revealing the retailer's name. "It's not going to be a Wal-Mart or a Target, it's going to be a traditional full-line department store," she says. The anchor, as well as a second junior anchor, would open in the second phase of the project.

Land says the company chose this area because it's one of the prime growth sections of St. Charles County. "The whole St. Louis MSA is not growing at all, the only growth is here," Land says. "Plus, this is the first lifestyle center for the area, the rest are regional and enclosed malls." There's been about two million sf of new retail in just the past two years in the area, she says.

She says she won't comment on lease rates for the property, but that they are going to be cheaper than a regional mall since ancillary charges are lower. "Our ancillary charges are going to be about $12, about half what a regional mall will charge here," Land says. The average retail lease rate is about $18 in the area, according to a third-quarter market report by Grubb & Ellis.

There has been some controversy with the project, as the city of O'Fallon, which would provide sewer service, has said it can't handle the extra sewage requirements from the project. As the sides try to come to a solution, Land says there won't be any effect on the project timeline. "We are not worried about the sewers and it has not delayed, nor will it delay our construction progress or the opening of the center," she says.