Memories of the devastating 1993 flood in Chesterfield Valley still echo among the community’s commercial real estate (CRE) and development professionals, but today’s landscape has essentially erased the physical impact, according to presenters at CCIM-STL’s October 11 presentation.
Panelists Bob Nation, mayor of Chesterfield; Mike Geisel, City of Chesterfield administrator; Emily Ackley, leasing representative, The Staenberg Group; and Natasha Das, director of development, CRG, provided details about recent, current and upcoming projects that are bolstering the area.
“Chesterfield Valley has seen a year-to-date recovery of more than $250 million,” said Nation. “We’ve had a whole lot of development after the flood of 1993.” That brought 2021 property taxes to $26.1 million.
Nation and Geisel said projects either completed or approved include a Shake Shack in a former Steak & Shake, with the addition of a patio and double drive-through; Echo Park auto distributorship, replacing Gander Outdoors and adding a car dealership to the property; a new 31,000+ SF Jaguar and Land Rover dealership with a showroom, office and service center; the Chesterfield Sports Complex/Fieldhouse, an 88,400 SF building expected to open in April 2023 that has already scheduled multiple tournaments, with an adjacent hotel in the plans; Gateway Studios, a 329,000 SF. music and film production venue where performers can build a show before taking it on tour, on the site of an old prison “that was permitted in a big way”; a 664 SF Scooter’s Coffee that will be the first development in Terra Corporate Park; expansion of Annie Gunn’s to add production, events and outdoor seating; renovation of Long Horn Steakhouse as Hawaiian Bros., a fast-casual, made-to-order food venue; full interior renovation of the former BabiesRUs in the Commons as a 30,000 SF Schnuck’s; and more.
Projects under review include an office building with warehouse storage by Knoebel Construction; expansion of Vermeer, the tenth lot in Spirit Valley Business Park; and a Real Dill recreational facility for pickleball in The District, slated to open in summer 2023.
A TIF Commission has been approved and will meet on November 1, 2022 to focus on a $100 million city-controlled process, Geisel said.
Ackley couldn’t contain her enthusiasm for The District, which she called “one of the most exciting projects in Chesterfield,” with nine buildings and more than 2,400 parking spaces on 48.63 acres and 303,524 SF.
“We’re looking at what’s missing and where people are spending their time as our focus,” Ackley said. The company goal is to develop facilities that fill in gaps in the community. “This is unique — we are truly creating an end-to-end entertainment venue where people can reach everything they want to accomplish (dining, entertainment, exercise, sports and more) in one place. We’re focusing on providing an experience.”
The Main Event entertainment venue opened in September 2021 and broke all records, with $13 million in sales in its first year and multiple sold-out shows. One unusual element is the 32-inch theater seating — much larger than the common requirement — for added comfort and legroom.
Plans include six bars, all cashless and allowing ordering from a seat by phone. The Polo building is being replaced by the Hub, which will include a local brewery surrounded by other restaurants and should be complete in March/April 2023.
“We’re being hyper-focused on complementary rather than competitive,” Ackley said. “We want this to be an amenity for both the brands and the community. We’re making the vision a reality.”
CRG’s Wildhorse Village, a $500 million mixed-use project on 80 acres with a 16-acre lake in its center, is a major first for the Chesterfield Valley area that Das said aims to provide a full cycle of commercial, residential and general resources.
“This is a new market for such a large project,” she said. “When people ask ‘Why Chesterfield?,’ we say, ‘Demographics and nearby amenities.’ The property is ideal for a true mixed-use project. It’s shifting the center of gravity in Chesterfield and adding $2 billion in assessed value, which will double the current value.”
The project includes 20 plotted lots and will incorporate 62 townhomes by F&F Homes, multifamily rental units from the Pier Property Group, condos, a grocery store, retail space, a hotel, a restaurant, mini walking trails and a bike trail, and office space and civic space; as well as about $40 million in infrastructure and $1 million in art pieces.
McKelvey and Clayco are key partners, Das noted. The project will feature the first post-Covid-designed buildings to be offered.
“Our vision is a true work-live-play environment with a focus on ecological and economic aspects,” said Das. “It will be an opportunity for connectivity and a true destination in terms of both Wildhorse Village and downtown Chesterfield.”