Residents may learn plans for the old Crestwood Plaza site on Watson Road in as soon as 60 days, Crestwood's mayor said Tuesday night.
If Walpert Properties, the site redeveloper, does not make an announcement, it may be invited to an aldermanic meeting to answer questions, said Mayor Grant Mabie.
The mall operated from 1957 to 2013. The old buildings have been leveled and new plans have been discussed, but no specific stores or tenants have been announced.
Mabie said city officials have seen details from Walpert, but they are not yet for public release.
He discussed the mall after aldermen heard a five-year financial forecast of city government that projects a balanced budget without any sales tax from the mall. “We’re being conservative and don’t want to rely on anything new from the mall yet,” city administrator Kris Simpson said.
The mall’s demise sparked concern that the city would face service and staff reductions, followed by years of deficits. However, tight budgeting and voter support in Crestwood and countywide for new financial measures have countered the trend, projections show. New property and sales taxes approved since 2017 are producing $2 million annually for the city.
“We have a balanced budget now,” Simpson said. “If the mall is developed as planned that will only increase revenues, besides being the heart of the city that we have missed.”
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