Skip to main contentSkip to main content
You are the owner of this article.
You have permission to edit this article.
Edit

Hotelier reviving plans for long-delayed second phase of The Boulevard in Richmond Heights

  • 0

RICHMOND HEIGHTS — Local developer Midas Enterprises is taking on the long-delayed second phase of The Boulevard with plans to add offices, apartments, retail and a hotel across from the Galleria Mall.

The Boulevard is a strip of shops and apartments, anchored by Crate & Barrel, that first opened in the early 2000s on Brentwood Boulevard in Richmond Heights.

But multiple developers have failed to launch the second phase, just south of the first.

Midas bought the land in March.

“It needs to get done,” said David Robert, co-founder and CEO of Midas. “It’s a great location in the heart of the metro area.”

The site now houses an outdated and partially vacant strip mall.

Midas’ plans call for a series of multistory buildings abutting Brentwood with 130,000 square feet of office, 45,000 square feet of retail, 190 apartments, a 700-car garage and a 127-room Aloft Hotel. Midas has hired Chesterfield-based Brinkmann Constructors as the general contractor.

At least two previous developers failed to break ground on the second phase over the past almost 20 years: St. Louis-based Pace Properties developed The Boulevard and tried to build a condominium project for the second phase. But the Great Recession upended the housing market, and the three-year reconstruction of Interstate 64, through 2009, hampered plans.

In 2017, Pace sold the development and the land to the south. But Chicago-area developers Edwards Realty Co. and Condor Properties never moved forward on their plans, which included office, retail and apartments, either.

In March, Edwards and Condor sold the southern site to Maryland Heights-based Midas for $12.5 million, according to data firm Reonomy. Edwards could not be reached for comment. Condor did not immediately return a request for comment.

Midas is seeking tax breaks for the project, Robert said. The company hasn’t yet identified which.

But the city of Richmond Heights has passed incentives multiple times for the projects:

In 2005, it approved $19 million in tax breaks for the development’s first phase, including tax-increment financing. It later amended that deal in 2008 to allow developers to seek a separate subsidy for the second phase. That also “reset the clock,” Hamilton said: TIFs divert some of the new tax revenue generated by the project over 23 years to repay a portion of developer costs.

The city has already approved a $15.3 million TIF for the Chicago developers for the second phase, a $3.8 million in a special taxing district in 2015, and in January, a new ordinance to allow the formation of a special commission to review tax increment financing for the second phase.

Midas could use those incentives, said Richmond Heights City Manager Amy Hamilton.

Midas is a prolific hotel owner and developer across the U.S. Locally, it has plans for a condominium project in Clayton as well as a condo and hotel project, also in Clayton, with St. Louis-based developer Green Street. It also developed the Aloft Hotel in the Cortex technology district in the Central West End.

0 Comments

The business news you need

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

Get up-to-the-minute news sent straight to your device.

Topics

Breaking News

Trending

National News

News