Florissant City Council Hears Pitch for Plaza Madrid Redevelopment

Inland Development Group presented their prospects for redeveloping the strip mall during Tuesday night’s Florissant City Council executive session.

The group presented an estimated $12 million redevelopment project of the property that would include a dollar store, convenience store and strip center. According to the presentation, the entire center would be demolished and redeveloped. However, the group said that it would need $4.5 million in tax increment financing (TIF) to be able to make the project work.

The group’s timeline includes an estimated completion date of October 2014.

Bob Russell, Florissant Economic Development Director, said that there have been approximately six attempts to redevelop this property throughout the years.

Ward 8 Councilman Mark Schmidt told the group he welcomed them and appreciated them for their diligence with this project.

said that the next step for the council’s consideration would be to get an ordinance to name the group the preferred developer as well as developer for the redevelopment of Plaza Madrid.