ST. LOUIS—Retailers in many areas of the US are getting more comfortable with the economy, and have begun asking developers to consider breaking ground on new projects. GBT Realty Corp. a Brentwood, TN-based developer, has responded by announcing it was nearly ready to break ground on the largest retail development the St. Louis metro area has seen since 2008.
The $54-million The Shoppes at Mid Rivers will occupy 28 acres in west suburban St. Peters across from the county's only regional mall at the northeast quadrant of I-70 and Mid Rivers Mall Dr. The company currently has the site under contract. It expects to complete the acquisition this fall and open the shopping center in late 2017.
“This property has been looked at by a lot of people in the past,” and due to the affluent population and quick access to major transportation arteries, “it is one of the strongest submarkets in the St. Louis area,” Jeff Pape, managing director, shopping center division, GBT Realty, tells GlobeSt.com.
But those facts alone are not enough for GBT to start putting shovels in the ground. “A big part of what we do is driven by retailers,” he says. And many made it clear they were ready to lease new space in a town like St. Peters. “If we feel it's a strong market we move forward. It's no mistake we chose this market for one of our largest projects in the past decade.”
As reported in Globe St.com, GBT recently completed and leased up three developments in the Louisville region with a total of 610,000 square feet. It also plans to build a $35 million regional shopping center in Jeffersonville, IN, a suburb of Louisville.
GBT will seek approval from the St. Peters' planning and zoning commission on June 1. Pape adds that the public can access the plans on the city's website.
Current plans for the 300,000-square-foot regional center include three anchor tenants, five to seven junior anchors, small shop space and four, roughly one-acre outparcels. Pape says GBT has begun negotiations with “household names in soft goods retailers and service providers to bring additional amenities to the market.” The firm expects to announce the initial tenant line-up later this year.
Demolition of the existing buildings will begin immediately upon acquisition of the site later this year. Former occupant ABC Supply Co. relocated to O'Fallon earlier this year while Wm. Noble & Co.'s John Deere Dealership remains open but will also relocate once GBT acquires the property.
ST. LOUIS—Retailers in many areas of the US are getting more comfortable with the economy, and have begun asking developers to consider breaking ground on new projects. GBT Realty Corp. a Brentwood, TN-based developer, has responded by announcing it was nearly ready to break ground on the largest retail development the St. Louis metro area has seen since 2008.
The $54-million The Shoppes at Mid Rivers will occupy 28 acres in west suburban St. Peters across from the county's only regional mall at the northeast quadrant of I-70 and Mid Rivers Mall Dr. The company currently has the site under contract. It expects to complete the acquisition this fall and open the shopping center in late 2017.
“This property has been looked at by a lot of people in the past,” and due to the affluent population and quick access to major transportation arteries, “it is one of the strongest submarkets in the St. Louis area,” Jeff Pape, managing director, shopping center division, GBT Realty, tells GlobeSt.com.
But those facts alone are not enough for GBT to start putting shovels in the ground. “A big part of what we do is driven by retailers,” he says. And many made it clear they were ready to lease new space in a town like St. Peters. “If we feel it's a strong market we move forward. It's no mistake we chose this market for one of our largest projects in the past decade.”
As reported in Globe St.com, GBT recently completed and leased up three developments in the Louisville region with a total of 610,000 square feet. It also plans to build a $35 million regional shopping center in Jeffersonville, IN, a suburb of Louisville.
GBT will seek approval from the St. Peters' planning and zoning commission on June 1. Pape adds that the public can access the plans on the city's website.
Current plans for the 300,000-square-foot regional center include three anchor tenants, five to seven junior anchors, small shop space and four, roughly one-acre outparcels. Pape says GBT has begun negotiations with “household names in soft goods retailers and service providers to bring additional amenities to the market.” The firm expects to announce the initial tenant line-up later this year.
Demolition of the existing buildings will begin immediately upon acquisition of the site later this year. Former occupant ABC Supply Co. relocated to O'Fallon earlier this year while Wm. Noble & Co.'s
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