Dean Wolfe, founder, owner and president of the company, tells GlobeSt.com that the site will be split to 50% retail and 50% office, though there may be a change if a hotel user is found. "We're not sure about the hotel. We've had a couple of operators talking to us, but we're not in any position to make a decision yet on that," he says.
He says his company specializes in "dirt manufacturing," and that the property is split into 21 different parcels, which he hopes to partner with developers to create the project. "We'll probably remain as a limited partner, but we won't take the lead role," Wolfe says.
The site has 3,400 sf of frontage on I-64, and Wolfe says the area has high demand. "Well, first, it's right adjacent to the Spirit of St. Louis airport; that area has a tremendous amount of light industrial being developed, and this project will benefit from all those jobs," Wolfe says. "Also, the radius around the property has very high demographic numbers, the average annual income is about $150,000 per year. It's just a sweet spot, it's the gateway to St. Louis County."
He says the company has just started the marketing process, and the firm is pitching the property at the ICSC convention in Las Vegas this week. Wolfe says he cannot say how much the project will cost to build, the makeup of what the retail will look like or how many office buildings are planned for the site. A preliminary development plan of the site, obtained through the city, shows lifestyle retail parcels in the interior and on the west edge of the 131 acres, and the office and possibly hotel locations on the south portion of the property.
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