Proposal documents outline the company's vision for the area, including projected costs and community beautification.
The area in question is north of Elinor Avenue and south of Dale Avenue. The city in an effort to attract developers to the area that includes a number of residential houses and several piece of city-owned property. Several developers who previously proposed homeowner buyouts and subsequent projects .
City Council is expected to review the proposals at a work session in early March, Deputy City Clerk Pat Villmer said. A work session date had not been scheduled as of Monday.
A report about Hadley Township published earlier this week. Come back Friday for a look at some of the traffic proposals that all three companies are offering.
Describe the company seeking to develop the northern portion of the Hadley redevelopment area.
Pace Properties is a Brentwood-based company that began in 1984. It acquires and develops real estate. Past projects have included The Boulevard-Saint Louis in Richmond Heights, Brentwood Square, Manchester Highlands and Central Plaza.
What experience does the company have in developing areas similar to Hadley Township?
The document does not address the company's work in neighborhoods similar to Hadley Township.
What would the proposed development look like?
Pace seeks to develop a retail space approximately 400,000 square feet in size. The development would cover just over 20 acres of land.
While no prospective tenants are identified in the proposal, the document states: "We are working with a number of national retail tenants who have indicated to us a desire to be at this location."
The site would feature both surface-level and below-ground parking.
Additionally, it would include an extension of Eager Road to Dale Avenue and the addition of a road to the east of the development connecting Dale and Berkley avenues.
A detention pond and a surrounding walking trail would serve as a buffer between the new connector road and neighborhood homes.
The plan also calls for the relocation of the gas station at Dale and Hanley Road. Under the proposal, Shell would be moved to the southeast quadrant of the intersection between Hanley and Elinor Avenue.
How many jobs is the development expected to create?
The number of jobs proposed at the site is not discussed in the document.
What would developers do to protect homeowners neighboring the development?
Quoting from the proposal: "Both our proposed storm water detention and the Berkley Avenue extension will provide a significant buffer area to these residential homes. The design of our project, with the walking trail around the detention pond, should be a significant enhancement to The Heights."
Additionally: "The back road, detention pond and green space will create an average distance from the back of the building to the residential lot lines of 300" feet.
Pace also has proposed the addition of sidewalks and bike lanes. It suggested that monuments and traffic-calming structures might be installed to underscore where commercial property ends and residential begins.
Why does the company want to develop in Richmond Heights?
Pace's proposal highlights its past work in Richmond Heights and its developments throughout the St. Louis area.
How does the company intend to work with Hadley homeowners? How much money will they offer?
The Pace proposal does not go into detail about its plans for property acquisition.
What kind of financing are the companies seeking?
The company is seeking $27 million in tax increment financing. That figure represents 20 percent of the total project cost, the company said.
When would the stores within the development open?
A timeline is not provided in the Pace proposal.
How much is the development expected to cost?
The project is expected to cost $125 million, including $50 million for building construction, $28 million for on-site improvements, $27 million for land acquisition and $8.5 million for administration, fees and financing.
How much revenue is the development expected to bring?
In its fifth year of operation, Pace's proposal states, the project is conservatively expected to generate incremental sales and property tax revenue of approximately $3.1 million.