The $100 million second phase of The Boulevard, a retail and office development across Brentwood Boulevard from the Galleria, will break ground early next year.
The office, retail and residential complex just south of the existing Boulevard development is expected to be complete by the end of 2019.
“The Boulevard is a great brand that appeals to many residents and visitors in the St. Louis region,” said Sol Barket, a St. Louis native and founder of Chicago-based Condor Partners. “This next phase will undoubtedly further enhance the development by offering more opportunities for people to live, work, play and dine.”
A joint venture of Condor and Edwards Realty Group purchased the Boulevard late last year from Pace Properties, which had long planned a second phase. The original Boulevard, opened in 2004, contains Missouri’s only Crate and Barrel and the metro area’s only Soft Surroundings, as well as office space and apartments.
The next phase will contain about 200,000 square-feet of new retail and 75 apartments, similar to the first phase. It will also include about 100,000 square-feet of office space, garage parking and a sky bridge connection between the offices and garage.
“The Boulevard’s location and amenities are unique to the area and, with Clayton experiencing vacancy rates at all time lows, this project couldn’t come at a better time,” said Dave Biales, who specializes in office leasing for commercial real estate firm JLL. JLL is marketing the project.
Richmond Heights last year approved $15.3 million in tax increment financing to assist the project. The developers will also receive assistance through a special 1 percent sales tax on purchases through a Transportation Development District.
Pace said the project was expected to cost up to $90 million when the former project owner pitched it for TIF assistance last year, rather than the $100 million anticipated now. The first phase cost $45 million to develop.