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Tuesday, 25 March 2014 10:55

Crestwood Mall on the auction block

If you have an extra million dollars in your savings, you could be the proud owner of your own shopping mall.  

The St. Louis Post Dispatch reports that the minimum starting bid for the former Crestwood Plaza is one million dollars.  

The owners of the vacant mall hope to sell the property through an online auction.  

The auction begins April 21 and concludes April 23.  

After failing to get tax incentives last year to overhaul the facility, its owners dropped redevelopment plans for what was the St. Louis area’s first regional mall which opened in 1957. 

Published in Local News
Wednesday, 27 November 2013 06:06

For Sale: Shuttered Crestwood Mall

   A once-bustling Crestwood mall will likely never see shoppers again.  
 
   After a failed effort to secure tax incentives to revamp the former Crestwood Plaza,  its owners are walking away from redevelopment plans and putting the property up for sale.  The St. Louis Post-Dispatch reports that Chicago-based Centrum Partners and co-owner Angelo, Gordon & Co., a New York-based hedge fund, have contracted CBRE, a commercial real-estate firm, to sell the 47 acre site along Watson Road.  
 
   It'll be up to the buyer to decide, but the old mall will likely be raised.  A CBRE broker who's handling the sale, told the paper the site offers a good opportunity for a hospital or university to build a new campus.
Published in Local News
Wednesday, 10 July 2013 07:29

Crestwood Mall to close on Thursday

The Crestwood Court Mall will soon be shuttering its doors for good. The 55-year-old mall, the oldest in St. Louis County, now has a sign on the door telling patrons that it will be closed for good on Thursday. Lens Crafters is the only store that will remain open. They have a separate entrance to the mall. Centrum Partners is the Chicago-based developer that owns Crestwood Court. Last year they proposed a $100-million plan to convert the area into an entertainment district, but the city Crestwood says the asking price of $34 million in tax increment financing is too steep a price. 

Published in Local News

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