By Steve Erdelen, August 21, 2013
According to a top St. Ann city official, Raven Development will complete its' long pending agreement with Menards in the next two days, to build a mega store on the former site of Northwest Plaza, which is now being marketed as The Crossings at Northwest. The store will be built on the site of the former Sears Automotive Center, near the intersection of St. Charles Rock Road and Adie Road and will encompass 17 acres of the 120 acre site.
The official cited numerous delays in getting the deal closed, including economic conditions, sewer trunk relocations and old-fashioned hard bargaining. “A lot of people have worked very hard to make this deal happen and we couldn’t be happier that it’s about to wrap up.”
Raven Development was approved by the St. Louis County TIF Commission in July of 2012, to receive $33 million in tax increment financing for remediation and redevelopment funding for the Northwest Plaza site. According to www.thecrossingsatnorthwest.com the project is “a $106 million mixed use redevelopment of the former Northwest Plaza mall. This exciting redevelopment project will transform the site into a premiere destination for a variety of businesses, including restaurants, retailers, professional office firms, high-tech high-density users, call centers, educational users, medical and government entities.”
Eau Claire, Wisconsin based Menards, was recently ranked by Forbes as the 43rd largest privately held firm in the U.S., with annual sales estimated at nearly $8 billion. The firm employs more than 40,000 workers at over 270 stores across the country. A source familiar with the operations of the recently opened Menards store in St. Peters, reported that the store is doing extremely well and is performing 54% ahead of company sales projections. Raven Development is based in St. Louis and has developed a number of retail properties in the area. The firm is owned by brothers Bob and David Glarner.
Demolition continues at Northwest Plaza and Raven Development is expected to announce a number of new agreements with retailers and other entities in the weeks and months ahead. According to the developer, the 12 story bank building, the Macy’s building and the J.C. Penney’s, will remain, while the Dillards, Sears and theater buildings will be demolished to make way for new development.
According to a top St. Ann city official, Raven Development will complete its' long pending agreement with Menards in the next two days, to build a mega store on the former site of Northwest Plaza, which is now being marketed as The Crossings at Northwest. The store will be built on the site of the former Sears Automotive Center, near the intersection of St. Charles Rock Road and Adie Road and will encompass 17 acres of the 120 acre site.
The official cited numerous delays in getting the deal closed, including economic conditions, sewer trunk relocations and old-fashioned hard bargaining. “A lot of people have worked very hard to make this deal happen and we couldn’t be happier that it’s about to wrap up.”
Raven Development was approved by the St. Louis County TIF Commission in July of 2012, to receive $33 million in tax increment financing for remediation and redevelopment funding for the Northwest Plaza site. According to www.thecrossingsatnorthwest.com the project is “a $106 million mixed use redevelopment of the former Northwest Plaza mall. This exciting redevelopment project will transform the site into a premiere destination for a variety of businesses, including restaurants, retailers, professional office firms, high-tech high-density users, call centers, educational users, medical and government entities.”
Eau Claire, Wisconsin based Menards, was recently ranked by Forbes as the 43rd largest privately held firm in the U.S., with annual sales estimated at nearly $8 billion. The firm employs more than 40,000 workers at over 270 stores across the country. A source familiar with the operations of the recently opened Menards store in St. Peters, reported that the store is doing extremely well and is performing 54% ahead of company sales projections. Raven Development is based in St. Louis and has developed a number of retail properties in the area. The firm is owned by brothers Bob and David Glarner.
Demolition continues at Northwest Plaza and Raven Development is expected to announce a number of new agreements with retailers and other entities in the weeks and months ahead. According to the developer, the 12 story bank building, the Macy’s building and the J.C. Penney’s, will remain, while the Dillards, Sears and theater buildings will be demolished to make way for new development.
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