St. Louis, MO – (February 17, 2020) -- The Staenberg Group (TSG), headquartered in St. Louis, Mo completed the purchase of Chesterfield Mall on February 14, 2020. The mall is located at the intersection of I-64/40 and Clarkson Road in Chesterfield, Missouri. This transaction follows TSG’s previous acquisition of the Sears building at the mall in April of 2018 and positions the company to control and lead the impending development.
“This is the start of Downtown Chesterfield, a high-end, urban, mixed-use development that includes multi-family residential, corporate office, upscale retail and restaurants, a theater, boutique fitness, supermarket and pocket parks,” says Tim Lowe, vice president of leasing and development for TSG. “The entire development will be designed to create a vibrant, suburban city center where residents can live, work and play. Chesterfield is the ideal location is for this type of unique redevelopment.”
As the new owner, TSG plans to work with Macy’s and Dillard’s, the remaining two landowners at the mall, regarding their interest in participating in the proposed development program.
A project of this scale and significance will be transformational and will require strong support, partnership and assistance from the City of Chesterfield. The proposed development will enhance the quality of life for the community and offer residents and visitors the chance to connect in a new way.
“Endeavors of this magnitude take shape very methodically, and the process typically requires a number of years to complete,” Lowe continues. “The initial phase will include re-zoning, entitlements, financing, master planning and design.”
TSG has a strong track record of successful developments within the City of Chesterfield, and the company understands the significance of the Chesterfield Mall property to the City and community.