CHESTERFIELD, MO/August 7, 2017 (STLRealEstate.News) The Chesterfield Mall hasn’t had an easy last few years. Like most American malls, it’s hanging on for dear life. This week, the Chesterfield Malls’ lender finalized foreclosure on the shopping center, and the struggling property that remains open will soon be placed up for sale – again.
City officials met with an executive of mall owner C-III Capital Partners at the end of June to discuss plans to place the mall up for sale after 90-days. They predicted it will likely be turned into a mixed-use property after it’s sold, said Libbey Malberg-Tucker, Chesterfield’s economic development director.
Prior to the new ownership announcement, Chesterfield Mall was placed in receivership in August after C-III sued the mall’s previous owner CBL & Associations Properties, alleging CBL defaulted on repayment of a $140 million loan. Following that, the foreclosure became official on June 27, 2017, making C-III the new owner until the real estate investment company with offices in New York and Texas could sell the property. Fast-forwarding to right now, experts are predicting that they are likely going to sell the property.
“They will ultimately sell it,” Tucker reported to the St. Louis Post-Dispatch. “They plan to put it out to market for one month with a call for offers.” A spokesman for C-III decline to comment on the deal at this time.
Though it’s fairly uncertain at this time what the mall’s future holds, Tucker stated that I’s highly unlikely to remain an enclosed shopping center. “We know it can’t remain all retail, and we’re open to it becoming a mixed-use development. Whether that’s office, hotel, living space, all of those things we’d embrace,” said Tucker.
Tucker went onto state that Chesterfield would consider some incentives for a redevelopment of the property, including a Transportation Development District. No requests or suggestions have been submitted to city officials at this time.