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CRESTWOOD — Dierbergs Markets and McBride Homes have closed on the acquisition of the former Crestwood Mall site.
The St. Louis-area companies bought the 47-acre property from Chicago-based UrbanStreet Group, which demolished the mall at Watson and Sappington roads in 2016 and had previously tried to redevelop it. A sales price was not disclosed.
Dierbergs plans to build a 70,000-square-foot grocery store and retail space. McBride aims to add 81 single-family homes on the site. Crestwood approved $15 million in tax increment financing for the retail project, and recently, a Community Improvement District sales tax. No incentives will go toward the residential development, officials said.
Site work will begin this March. Dierbergs will break ground by mid-year, according to a release.
“The city is thrilled to have two hometown partners who have a robust plan for the site,” Mayor Grant Mabie said in a statement.
Crestwood Mall was built in 1957 and was one of the St. Louis region’s first major malls. The mall began to decline in the early 2000s when several prominent tenants left, and closed in 2013. Urbanstreet Group bought the property in 2014 and demolished it in 2016. A subsequent proposal from Creve Coeur-based Walpert Properties fell through in 2020.
Mark Kornfeld and Grant Mechlin of commercial real estate firm Sansone Group represented Dierbergs and McBride. Matt Bukhshtaber of CBRE represented UrbanGroup.
