City officials in Richmond Heights are calling it "a major milestone" in the redevelopment of the southern half of Hadley Township. The City Council on Monday evening approved a redevelopment agreement with Menard Inc.
The $63 million project includes $15 million in tax increment financing.
Once the site plan receives final city approval, the Wisconsin-based hardware retailer can set closing dates for 99 residential parcels it's buying east of Hanley Road.
"After many years of battling through unresponsive developers and the worst economy in many years, everyone's hard work is coming to fruition," Richmond Heights Mayor Jim Beck said. "The residents in the southern section of Hadley will be well set for the future. Richmond Heights will benefit from another great retailer."
Menard's plans to build a two-story, 224,000 square foot home improvement store on the land just north of Maplewood's Walmart complex, and additional retail space along Hanley Road.