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ST. LOUIS-The City Council has appointed Riverwalk Development developer of the 300-acre Harbor San Carlos, located here along the Missouri River in St. Charles. The project was expected to cost $1.5 billion when it was first revealed four years ago.

Riverwalk Development is owned by Mike Sellenschuetter, the president of Dean Homes.

Current plans include the creation of a hotel, retail storefronts, restaurants, multi-housing and a marina. The developer will also need to dredge a canal for boats to pass between the project and Bangert Island, according to a report in the St. Louis Business Journal.St. Louis-based Arcturis has been named the architect. Cole & Associates will engineer the project.

Now Sellenschuetter has to tackle the financing issue. He plans to utilize public subsidies to pay for the construction of the bridges, canal and hopefully attract a major retail anchor to the project. The project already has six or seven private investors, according to a spokesperson quoted in the article. The names of the investors were not disclosed and the spokesperson said they money they are offering will not be enough to cover all the expenses of the project.

Once funding is in place phase one, which will include the dredging of the canal, will begin. The developer is shooting for a 2011 start.

To read the full article in the St. Louis Business Journal click here.

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