Retail stores awaken in the midst of COVID-19 shutdowns

Simon Property Group, the largest shopping mall operator in the United States, plans to reopen 49 malls and outlet centers starting Friday through Monday for the first time since their March 18th shutdown.

Three of the malls are located in Missouri and will open on Monday, May 4, including St. Louis Premium Outlet in Chesterfield, Battlefield Mall in Springfield and Osage Beach Outlet Marketplace in Osage Beach.

Best Buy also recently announced reopening plans, which include allowing customers to schedule in-store consultations in about 200 of its U.S. stores beginning in May. During the pandemic, the big-box retailer temporarily shut stores and switched to a curb-side pickup model.

According to a study done by Coresight Research, 45% of consumers expect to avoid shopping centers and malls even after the lockdown ends, citing more people will avoid malls than movie theaters or public transportation.

However, the pandemic has not slowed down area retailers; who are renewing their leases - and in some cases - even opening new stores.

In Hazelwood, Mo., a new Dollar Tree is opening this summer in the Village Square Center. The low-cost retailer will occupy approximately 11,000 SF of the once defunct shopping center located at Lindburgh Blvd and Interstate 270.

New York based, Somera Road Inc., bought the dilapidated, mixed-use shopping center in December 2018 and has invested more than $1 million in renovations.

"Dollar stores are continuing to open new locations in this challenging market. The affordability of their product makes them resistant to market downturns. We were thrilled to recently sign Dollar Tree to a long-term lease at our (Village Square) property," said Michael Ervolina, senior associate at Somera Road.

Other occupants include Concentra Urgent Care, Axes Physical Therapy and Millstone Weber, who all signed new lease agreements with Village Square.

It’s important to note, most retailers are adhering to CDC guidelines upon reopening. Simon Property Group, for example, has implemented CDC recommendations and precautions including:

·     Handing out CDC-approved masks and hand-sanitizing packets (at no cost to shoppers)

·     Mandating all employees to wear masks and wash their hands frequently

·     Taking customer temperatures using infrared thermometers

·     Encouraging social distancing in restrooms (tape will be placed over every other sink and urinal)

·     Directing traffic flow with decals on the floor

·     Limiting food court seating

·     Closing children’s play areas

·     and closing public drinking fountains.

Operating hours will be limited to 11a.m - 7 p.m., Monday through Saturday, as well as 12 p.m. - 6 p.m. on Sunday to allow for cleaning and sanitization, according to a Simon Property Group company memo.

Mission Rock Residential rolls into Soulard

Hamilton Zanze, a San Francisco-based real estate investment firm and new owner of Soulard Icehouse and Steelyard Apartments, has named Mission Rock Residential as the new property manager of the two communities --now jointly operating as Steelyard Apartments.

“Steelyard and IceHouse provided an attractive opportunity to buy a new property in the up-and-coming neighborhood of Soulard. The property features a robust amenities package, prime location near downtown St. Louis and offers residents the quality of life provided by the city’s energetic urban core," said David Nelson, Hamilton Zanze’s managing director of acquisitions.

Developed by Lux Living, the now combined Class-A, mid-rise community offers a mix of luxury studios, one-, two- and three-bedroom units averaging 784 SF in size. Amenities include, Nest thermostats, keyless entry locks and package delivery lockers.

Shared community amenities include a rooftop deck, a saltwater pool with sun deck, a pet park and spa, a karaoke lounge, two state-of-the-art fitness centers and more - all located in close proximity to the Mississippi River, providing views of the river and the famed Gateway Arch.

“By combining these two apartment communities under one consistent name, Mission Rock hopes to establish cohesiveness and a strong sense of community with its residents between the two buildings. The impressive amenities and historic roots make us confident that current and future residents will continue to experience tremendous benefits in this already-desirable neighborhood in St. Louis," said Patricia Hutchison, president of Mission Rock Residential.

__________________________________________________________________

About Soulard: One of the oldest communities in the city, Soulard today is a largely residential neighborhood with many businesses including restaurants, bars and the North American headquarters of Anheuser-Busch.

In a recent Brookings Institution study of 70 older industrial cities, St. Louis ranked among the strongest economies that are making progress on the road toward renewal and reinvention.

New construction has also expanded steadily in the market thanks to the continued growth of the region’s remote workforce.

Restaurant and gym to anchor next phase of The Junction in Wentzville

Junction House, an upscale, full-service restaurant and bar will anchor the next phase of The Junction, an 18-acre Mia Rosa Holdings development located at the intersection of Lodora Drive and I-70 in the heart of Wentzville, Mo.

The 9,400 SF multi-level eating and drinking establishment restaurant with a twist on casual sports dining includes a main restaurant area, a large covered outdoor patio, and a 1,500 SF open-air rooftop suitable for both public use and private events. All three areas of the restaurant will be equipped with a full-service bar and seating for dining.

F45, a new fitness gym, will occupy the remaining 3,000 SF of retail space in the new building and will be located adjacent to Junction House.

The Junction House concept was developed by local entrepreneur and restaurateur, Keith Horneker, along with a group of five other St. Louisans with more than twenty years of combined experience in the local food and beverage industry.

“Our vision is to redefine casual sports dining through handcrafted foods and signature mixed drinks to be enjoyed in an atmosphere like none other in the very fast growing Wentzville area,” Horneker said.

“We will offer more of an upscale type menu showcasing a wide variety of unconventional burgers and flatbreads along with traditional bar cuisine such as sandwiches and pizzas and an assortment of pastas and entrees that are attributed to my Italian heritage.”

The new restaurant and gym will join Holiday Inn Express, which opened last year, Junction Apartments, set to open in May 2020, Sugarfire Smoke House, which opened a few months ago, multiple sand volleyball courts and 10,000 SF of retail space with open availability for additional tenants.

“It’s a really exciting time to be developing in this area, and we’re very excited to finally be able to bring our vision to life and do so in a great city such as Wentzville,” said Horneker, a Wentzville area resident.

Both the restaurant and the gym are scheduled for completion in August 2020.

Sullivan Bank is providing $4.3 million in construction financing for the project. Other project partners include LayneCo Construction Services, Gray Design Group and Patrick Wittenbrink of Carmody MacDonald P.C.

Chesterfield's $80 million Wildhorse development progressing

Construction continues on the $80 million Wildhorse development located at the southwest corner of Chesterfield Parkway and Wild Horse Creek Road in Chesterfield, Mo.

General contractor, Brinkmann Constructors, kicked off Phase One of the 22-acre, mixed-use development in August 2019, breaking ground on The Pearl at Wild Horse Creek apartment complex and the first retail component, Ruth’s Chris Steak House, an upscale steakhouse chain.

Steel is erected and over half-way complete on wood for level one of the apartment complex, according to Brinkmann Constructors.

The 4-level, 200-unit apartment complex includes 24,500 SF of retail and restaurant space above structured parking. One- and two-bedroom units range from 650 SF to 1,244 SF. Amenities include a dog park, swimming pool, fitness center, two courtyards, clubhouse, library and Wi-Fi. On-site parking includes 418 combined spaces of structured and surface-lot parking.

Phase Two is set to begin later this year and includes AC Hotel by Marriott, a 128-room luxury hotel and conference center, along with 12,500 SF of retail space, leased by Pace Properties.

The Pearl at Wild Horse Creek apartment complex is projected to open in January 2021, with the hotel and restaurant to follow.

NorthMarq arranged $54.5 million in debt and joint venture equity financing for project developers, Tegethoff Development (formerly Pearl Companies) and Great Lakes Capital.

Other project partners include architect, TR,i Architects and investment firm, Reinsurance Group.