The race to build a new outlet mall in the St. Louis region is officially on.
It's a competition sweeping across the country as developers try to capitalize on the risingpopularity of outlet malls among economy-battered consumers.
The showdown here is taking place in Chesterfield, where two projects for mid- to high-endoutlet malls have been proposed less than five miles from one another.
On Thursday, more light was shed on one of those proposed projects. Standing before anartistic rendering of the Spirit of St. Louis Outlets, the backers of that plan said they envisionedan $85 million project that will entail 555,000 square feet of retail space on the south side ofHighway 40 (Interstate 64), just east of the Daniel Boone Bridge.
It would feature a "racetrack" style, open-air layout with about 250 stores. They hope to breakground next summer with an opening date set for fall of 2013.
St. Louis is a great location for such a project because it does not have a true, modern outletmall, said Stephen Coslik, chief executive of Texas-based Woodmont Co., which is developingthe project.
The other contender vying to build an outlet mall is Michigan-based Taubman Centers, whichhas been primarily known as a developer of upscale malls. But it has recently chosen outletmalls as one of its areas for expansion. It has formed a joint partnership with Outlet Partnersand wants to build "Chesterfield Outlets" - a development of up to 500,000 square feet alongthe North Outer 40 Drive, just east of Boone's Crossing. That project will be reviewed by thecity's planning commission next week.
Aimee Nassif, Chesterfield's planning and development director, said the developers hadtold the city they hoped to have 115 stores and to open by early 2014. |
