CRESTWOOD • Walpert Properties will go it alone in the redevelopment of the old Crestwood Plaza site in St. Louis County.
Crestwood City Administrator Kris Simpson in a letter posted to the city’s Facebook page said Walpert Properties has the site under contract from Urbanstreet Group. The deal is contingent on Walpert being able to secure tenants for the project, now called Crestwood City Center, so construction can proceed.
The Post-Dispatch in August reported Walpert, led by real estate veteran Bob Walpert, had partnered with Urbanstreet on the project, though details of the partnership were not disclosed.
Kent Evans, a partner at Walpert Properties, said specific plans would be released in early October after the development firm hosts a broker event to showcase the project to prospective tenant representatives.
Evans declined to provide specifics.
Previously, Simpson said, “the new concept is looking more like the Boulevard development in Richmond Heights or the Streets of St. Charles in St. Charles.”
Urbanstreet could still be involved in redevelopment efforts moving forward, Evans said.
“Whatever structure it takes to redevelop this is what we’ll do,” he said.
The more than 1 million-square-foot mall — which previously operated as Crestwood Court and Crestwood Shopping Center — opened in 1957 and once housed nearly 100 stores.
But like many malls in the region and nationwide, it deteriorated as shoppers’ habits changed. It ultimately closed in 2013.
The mall was demolished in 2016 after UrbanStreet was chosen to redevelop the site.
But there has been no progress on the redevelopment site since the retail landscape surrounding the area has deteriorated.
Following the mall’s demolition, UrbanStreet described a variety of uses it planned to pursue, including retail, entertainment, dining and housing. Private investment was to total $79 million, with $25 million in tax increment financing and 2 percent new sales tax for the site.
It’s unclear what type of incentives, if any, Walpert, might seek.