Chicago-Based UrbanStreet Group Acquires Crestwood Court Mall
Get Breaking News First
CRESTWOOD, Mo. (KMOX) - Mystery solved!
We now know the identity of the developer who paid $3.6 million for the abandoned Crestwood Court shopping mall.
It’s Chicago-based UrbanStreet Group, known for finishing the Roberts Tower downtown, and buying seven other buildings, including the Mayfair Hotel.
Urban Street paid $3.6 million for the 1.1 million square foot mall, which sits on 47 acres, in last week’s online auction. To compare, previous owner Centrum Properties paid $17.5 million to buy it back in 2008. Centrum’s redevelopment plans were foiled when Crestwood aldermen rejected public tax incentives for the project.
Urban Street, in a statement, says they’ll be exploring a mixed-use of retail and residential, and they want to work with local developers.
Bob Burk, managing partner at UrbanStreet Group, says that “given its important place in Crestwood’s history, we feel an acute sense of responsibility as steward of this property. We look forward to working with the City of Crestwood to ensure that any future development fits within the fabric of the existing community.”
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
MORE LOCAL NEWS:
- The Sports Hub: Dr. Rick Lehman
- SKF Expanding to NorthPark
- Former Police Chief Speaks on Latest Michael Brown Shooting Information
- Belleville Police Investigate Sexual Assault Allegation
- Union Nurses Give List of Demands Regarding Ebola Care to Administrators
- Battle for Illinois Governor Reaches Presidential Proportions