The challenges and opportunities behind St. Louis' mega developments

According to Christopher Fox, CEO ⎜managing principal at Gershman Commercial Real Estate, mega developments, in many cases, take mega years, and are driven by the three C’s:  carry, capital and construction.

“All are, at various levels, a real challenge,” said Fox, who served as the facilitator at MetroWire Media’s recent St. Louis Mega Developments Summit 2025.

Panelists Nicholas Cook, development manager at Panattoni Development Company, Inc.; Evan Glantz, partnerships & development manager at Steadfast City Economic & Community Partners; Tim Lowe, SVP of development at The Staenberg Group; and Adnan Omeragic, president at Fox Architects, joined Fox to showcase their companies’ projects and to discuss some of the challenges they face in today’s economic and political climate.

The Staenberg Group (TSG) commenced work on the Downtown Chesterfield redevelopment project in 2017, when it began assembling the land.  The project encompasses approximately 120 acres at the site of the former Chesterfield Mall, most of which now has been demolished.  Demolition began in October, 2024, and will be complete next month.   The buildings housing Macy’s and Dillard’s will remain.  The Macy’s store will be redeveloped and repurposed, Lowe said.

Lowe said TSG plans to start infrastructure in April, 2025, and complete it in the summer or fall of 2026.

“When I say infrastructure, what that means is we’re going to go in and we’re going to build all of the horizontal public infrastructure, all of the roads, sidewalks, medians, streets, landscaping, bike path, pedestrian path, park,” said Lowe.

Once infrastructure is installed, including utilities, TSG plans to sell dirt lots to residential developers. Lowe estimates there will be approximately 12 lots. The property is zoned for approximately five million SF of total density, which allows for approximately 2500 residential units.  

Above: Over 80 attendees listen in at MetroWire Media’s Mega Development Summit 2025 panel discussions. Photo credit: Drew Edelstein

“In today’s market, residential is the opportunity. . . . This is an urban downtown.  It’s really important to bring residential in first because residential is what creates the community,” Lowe said.

According to Lowe, approximately 200,000 SF of retail space can be included in the development, and most of the retail will be located on the first floor of the residential buildings to create more of a downtown feel.  Lowe said TSG will control the retail space and plans to buy back all of the first-floor condos of the residential buildings.

“We don’t see that happening on a building-by-building basis.  We see it happening more cohesively with one big retail program that we would control and that we would own,” he said. 

The development also will include a public parking garage with an estimated 1300 spaces and street parking for 400 vehicles.  

“We’ll be able to accommodate not just those that live there or work there, but we’ll be accommodating people in the region who want to go to the project,” Lowe said.

According to Omeragic, the story of the Advanced Manufacturing Innovation Center St. Louis (AMICSTL) started in 2014, and really took take shape when AMICSTL received funding through the federal government’s Build Back Better program.  The building’s physical space has been designed, and it will support a diverse range of activities focusing on eight key industry sectors—aerospace and defense; agricultural technology and plant sciences; automotive; biomedical and life sciences; construction; energy; geospatial and location sciences; and transportation and logistics.  

The project is out for bid with general contractors, and Omeragic said he expects that process to be complete within four or five weeks.  The project is located adjacent to the campus of Ranken Technical College and will consist of three main components—high bay manufacturing, lab testing spaces and workplace community engagement.  

“One special component that was placed inside of the building is this community engagement space where we’re allowing the local youth to actually come inside of the building and experience 3-D printing and the modeling and experience what advanced manufacturing really is,” Omeragic said.

Describing the project as “catalystic,” Omeragic said AMICSTL is focusing on creating a community project that benefits the community and the region as a whole.  

He said educating the community about how the facility will function has been crucial to dispel the misperception that these types of facilities have big smokestacks and big trucks constantly accessing them.

Above: Nicholas Cook discusses Panattoni’s mixed-use development beginning later this year in Maryland Heights, Mo. Photo credit: Drew Edelstein

Although Panattoni is known as a developer whose projects are mostly industrial spec, Cook said his company has plans to create a 300-acre master planned mixed-use development in Maryland Heights, Missouri, along Missouri Route 141 and adjacent to Creve Coeur Park.  Approximately 75 acres has been allocated to multifamily, which will be developed in multiple phases.  Panattoni expects to break ground on the first phase within the next year and deliver 275 residential units.  Approximately 42 acres will be developed for retail use, with the remainder to be industrial.  

Funding is crucial to make the mega developments work.  Cook said what has made this project possible, particularly on the industrial side, is the incentives.  The developer has secured Chapter 100 tax abatement from the state.  He said another key driver for the project is a public private partnership.  The property is located within the Howard Bend Levee District.

“They just installed this new pump that helps to make all the ground that’s within that sub district of the Howard Bend Levee District more developable,” said Cook.

Developers often rely on firms like Steadfast City to help them secure economic incentives and tax credits by negotiating with the various jurisdictions.  

“We work with clients from the very beginning of their project, and make sure that the numbers pencil out.  A lot of it is capital stack development and advising on what incentives, what programs might be available and then again, helping negotiate incentives with respective parties.  Truthfully, a lot of it is education, . . . We help with incentive strategy and then it’s about pitching the project,” Glantz said.

On each phase of the Chesterfield project, Lowe said TSG goes back into the market to look for new capital.  Interest rates currently present the biggest challenge to getting the project financed.  

Cook said that the notion of tariffs and some of the resulting pricing uncertainty is a concern as Panattoni starts phase two of its project.

“An increase of 10 cents a foot of steel doesn’t sound like much, but with the amount of steel that goes into some of our buildings, that can crush a pro forma.  We’re really hoping to find more certainty there,” said Cook.

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Header image: MetroWire Media’s St. Louis Mega Developments Summit 2025 panelists. From L to R: Christopher Fox (moderator), Nicholas Cook, Evan Glantz, Adnan Omeragic, and Tim Lowe. Photo credit: Drew Edelstein

Chesterfield set for transformation as City Council establishes special Business District

The Chesterfield City Council has sanctioned the Downtown Chesterfield Special Business District (SBD), implementing a phased tax plan to fund public infrastructure maintenance within the development area. This district, excluding the Dillard's property, is set to feature over 2,000 residential units, a 300-room hotel, and more than 3 million SF of commercial space, including offices, retail outlets, and restaurants.

An additional tax of up to $0.85 per $100 of assessed property value will be levied within the SBD to support these developments. This tax will apply solely to land assessments until the end of fiscal year 2029, ensuring that existing property owners are not disproportionately taxed during the redevelopment phase. By fiscal year 2030, as phase one concludes, the tax will extend to include property improvements, aligning contributions with the enhanced infrastructure and services.

The SBD's revenue will fund services such as street maintenance, lighting, bike paths, public parking facilities, pedestrian walkways, landscaped medians with irrigation, security measures, and administrative oversight. This approach ensures that property owners within the development contribute equitably to the upkeep of these public amenities.

Above: A rendering of a pedestrian path through the Downtown Chesterfield Special Business District lined with retail shops, restaurants ,and office space. Image courtesy of the Staenberg Group | Credit: Nelsen Partners

The City Council's decision authorizes an election within the district to approve the proposed tax. Ballots will be distributed by March 4, and the election is scheduled for April 15. Additionally, a seven-member advisory board will be appointed to provide recommendations on the district's operations.

Demolition of the existing Chesterfield Mall commenced in October 2024, marking the beginning of this extensive redevelopment project. Core infrastructure construction is slated to start in late 2025, with vertical development anticipated over the following decade. The initial phase aims to establish a vibrant urban center, introducing a mix of residential, commercial, and recreational spaces to the area.

This strategic development is poised to transform Chesterfield, fostering economic growth and enhancing community amenities through thoughtful planning and investment.

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Header Image: A rendering of the proposed Downtown Chesterfield Special Business District mixed-use project that includes multifamily units alongside offices, restaurants, and retail establishments. Image courtesy of the Staenberg Group | Credit: Nelsen Partners

Downtown Chesterfield takes a step toward progress with redevelopment plans in motion

The Downtown Chesterfield redevelopment project is advancing with the approval of its site development concept plan, even as the design of its centerpiece grand staircase undergoes further refinement. Chesterfield's City Council's decision on Dec. 2 allows the ambitious multi-phase development to move forward while addressing conditions for future municipal zoning approvals.

The mixed-use project, spearheaded by TSG Downtown Chesterfield Redevelopment LLC, aims to transform the south side of I-64, east of Chesterfield Pkwy., into a vibrant urban district. Plans include a high-rise office tower, a hotel, retail spaces, residential buildings, and a 3.3-acre central park. Once complete, the district will host a bustling community with hundreds of shops and restaurants, corporate headquarters, office spaces, and thousands of residents.

Key features of the site include a five-level above-ground parking garage relocated northwest of the central park. With entrances on Green Blvd. and Downtown Chesterfield Blvd., the garage is strategically positioned to serve park visitors and amphitheater patrons. A proposed grand staircase will enhance accessibility, providing a direct pedestrian link between the parking garage and the central park. Designed for both functionality and aesthetics, the staircase will feature a 20-foot width and integrated lighting for safety and visibility.

Street infrastructure plans emphasize walkability and connectivity. Sidewalks along primary streets will be wide enough to accommodate patio seating or open-space features, allowing developers flexibility. Landscaped islands, tree-lined streets with decorative grates, and thoughtfully placed furnishings such as benches, planters, and bike racks will enhance the pedestrian experience. Cohesive street lighting and decorative fountains will further unify the district's visual identity.

Two planned roundabouts—one at Clarkson Rd. on the eastern edge of the site and another along Chesterfield Pkwy. on the west—will improve traffic flow within the development. Four major intersections within the district will be elevated and adorned with decorative pavers arranged in herringbone or basketweave patterns, creating visual interest and a sense of place. Nearby sidewalks will feature complementary accent treatments, and pedestrian paths are also being considered to improve accessibility.

The City Council's approval came with the condition that a redesign of the grand staircase must be submitted and approved before the first municipal zoning approval (MZA) is granted. An MZA is a prerequisite for obtaining building permits from St. Louis County. This condition was initially recommended during the Planning and Public Works Committee of the Whole meeting on Nov. 21.

Downtown Chesterfield's phased development aims to create a dynamic environment where urban living, commerce, and recreation converge.

As plans progress, the project's careful attention to design and functionality is poised to redefine Chesterfield's landscape, offering a vibrant destination for residents, businesses, and visitors alike.

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Header image: Crews continue with the demolition of the Chesterfield Mall, making way for the mixed-use Downtown Chesterfield Development. Image courtesy of The Staenberg Group

Current Chesterfield development on par with 2019

This week’s CCIM St. Louis Metro Chapter virtual luncheon presentation provided solid insight to the development of the Chesterfield, Mo. area.

With presentations from Mike Geisel, city administrator with the City of Chesterfield; Tim Lowe, VP of leasing and development with The Staenberg Group; and Jeff Tegethoff, operating partner of CRG, attendees received a comprehensive look at the future of the city.

Geisel started the presentation by introducing “Envision Chesterfield,” the city’s comprehensive plan completed through a 21-month process which was adopted in September of this year.

Data shows that the city of Chesterfield has grown at 2.6 times the rate of inflation. With 44 active development projects, the city is on par with 2019 numbers despite the challenges of 2020.

“In the last ten years, we’ve seen 2,300 residential units being developed. We’ve seen 3.9 million SF of commercial development and 650,000 SF of industrial development,” Geisel said.

The District and Wildhorse developments are two large components contributing to the current success in Chesterfield, according to Geisel.

Working from the opportunity of their neighboring tenant TopGolf, The Staenberg Group is developing The District - previously an old outlet mall - into a new entertainment area. The revitalization has recently handed over the 48,000 SF shell to their new tenant, Main Event, set to open in June 2021.

On the other end of the property, The Factory, the first built-from-the-ground-up live music venue in the Midwest in more than 20 years, is currently underway. Lowe acknowledged the risk of this type of facility in the current COVID climate, but also noted the high demand from both fans and bands.

“We’re excited. This is going to be a unique draw to the area. They’re planning to open in May of next year. While the current guidelines would not allow The Factory to open and be successful, the good news is that there is a lot of pent-up demand for next year. We are hoping the rules of engagement in 2021 will allow us to open and be functional,” Lowe said.

Phase 2 of The District will feature an open-entrance, steel structured pavilion which will serve as an eye-catching anchor of the development.

“We have a lot of work to do to figure out what goes under the pavilion, but (we) will have grass, fire pits and outdoor seating. It’s a neat area within the development that allows people to read books, play with their kids, things like that,” Lowe said.

The final phase of The District is currently being planned. At this point, potential activities include indoor and outdoor pickleball, sand volleyball and eSports.

Lowe also mentioned the Chesterfield Mall, which The Staenberg Group is currently working on a master plan to convert the property into an urban downtown development. The plan includes housing, office, retail, and restaurants, and is scheduled to be completed and presented to the city by the end of the year.

Tegethoff also shared his vision for the existing Wildhorse project and Wildhorse Village. Wildhorse has scheduled openings throughout 2021, including the 188-residential spaces in March and the AC Hotel by Marriott in December. The notable, 15,000-SF Ruth Chris Steak House opens in two-weeks.

Wildhorse Village, an 80-acre development to include 1 million SF of office space, more than 500-residential units and 100,000 SF of restaurant and retail space, is currently underway. The project will not be phased and anticipates openings as early as 2023.

“We never really thought about phasing Wildhorse Villiage. The momentum of early interest in the sub lots enabled us to do it all at one time,” Tegethoff said.

“We feel like there has never been a more exciting time to developing in Chesterfield.” Tegethoff said.

Despite the challenges of 2020, the city of Chesterfield is on the rise.

to view the entire program, please visit CCIM St. Louis’s LinkedIn page.