The Richmond Heights City Council has chosen two preferred developers for the Hadley Township redevelopment area. Both are seeking tax incentives.
Menards, a company headquartered in Eau Claire, Wis., was selected as preferred developer of 19 acres that make up the southern section of the redevelopment area. That section is south of Elinor Avenue and north of West Bruno Avenue.
Its proposal includes a two-story, 246-000 square-foot retail store and three to four additional retail businesses or restaurants on the site. Menards is requesting $19 million in Tax Increment Financing assistance for its $56 million project.
Pace Properties of St. Louis was chosen as preferred developer of a portion of the area north of the Menards proposal, south of Dale Avenue and north of Elinor Avenue. It is proposing a two-story retail center with surface and underground parking on the 20 acres just south of The Heights at 8001 Dale Ave. Pace has not named its tenant or tenants, but is asking for $26.6 million in TIF for its $125 million project.
City Manager Amy Hamilton said the city will ask its TIF Commission to review developers' tax assistance requests so it can make a recommendation to the City Council by this fall. Both developers expect to have all properties under contract within three to six months.