Seems like the City's trying to force Novus to move ahead, instead of dragging this out further.framer wrote: ↑Jan 28, 2021This was posted on Nextdoor today by City Manager Gregory Rose:
"The City of University City is engaged in the condemnation of three commercial properties along Olive Boulevard that are required for the Costco Phase of the University City Place development. To date, the Mayor and Council have not made a final decision on the potential purchases. The City of University City has until February 28, 2021, to make a decision on purchasing the properties."
Missed this article on the options Novus had on the owner occupied homes expiring
https://www.bizjournals.com/stlouis/new ... wners.html
Angieri said he and his wife agreed to sell their home to Novus in the spring of 2018. Terms of the deal gave Novus 12 months to close, plus an option to extend for an additional six months, which Angieri said Novus used without closing on the sale.
But Angieri and his wife, who have owned their home since 2008, declined to extend again in July without Novus offering a new sales price. That was the last time Angieri heard from Novus.
https://www.bizjournals.com/stlouis/new ... wners.html
Sounds like they assembled all the land and will close in about a month.
It's just the sites they were already going to court for. Seems to be no change on their indefinite close date or when they're going to have money to do this project. Unfortunately, with Novus you can't really believe they're doing it, until they actually close.quincunx wrote: ↑Feb 26, 2021Sounds like they assembled all the land and will close in about a month.
https://www.ksdk.com/article/news/local ... 8fdfbaf654
U City Third Ward Councilman Bwayne Smotherson made this statement in his most recent newsletter:
" Novus has successfully provided the city with proof that they have the financial ability to not only move forward with acquiring property for COSTCO, but also complete the entire RPA1 development at Olive/I-170 (although it will be phased). "
note: RPA 1 includes not only the Costco and outbuildings north of Olive, but also more retail, apartments, and maybe a hotel on the south side.
" Novus has successfully provided the city with proof that they have the financial ability to not only move forward with acquiring property for COSTCO, but also complete the entire RPA1 development at Olive/I-170 (although it will be phased). "
note: RPA 1 includes not only the Costco and outbuildings north of Olive, but also more retail, apartments, and maybe a hotel on the south side.
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What does this all mean for the Asian retail community in the area? Have they banded together to support or oppose this development?
I'm sure they thought the same in Sunset Hills. Novus only has to put up $3 million to get the ball rolling on the eminent domain. I'm skeptical that this project will actually happen with real money having to be put up soon and neither investor or any tenant being announced.framer wrote: ↑Mar 11, 2021U City Third Ward Councilman Bwayne Smotherson made this statement in his most recent newsletter:
" Novus has successfully provided the city with proof that they have the financial ability to not only move forward with acquiring property for COSTCO, but also complete the entire RPA1 development at Olive/I-170 (although it will be phased). "
note: RPA 1 includes not only the Costco and outbuildings north of Olive, but also more retail, apartments, and maybe a hotel on the south side.
They haven't announced they're going to close on any other properties and they have the problem that some of their options are expiring and people are getting cagey about reupping them without getting more, given the housing market has gone up some in the last year. They own the strip mall, but not sure about what else. The economics of a lot of real estate has changed in the past year, too with offices, senior living and theaters becoming pretty unviable.
Stltoday - Costco plan moves forward in University City
https://www.stltoday.com/news/local/met ... b482f.html
https://www.stltoday.com/news/local/met ... b482f.html
As expected, the only real hold up will be if Novus has the financing to pull this project off. We won't know that until closing day, given their track record.
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This is absolutely terrible. Has this always been the size of the project? For example, I thought Bob's was not in the path of the development. Oppose, oppose, oppose.
Yes.
From three years ago. Wow time flies.
Nextstl - University City Big Box Plan Exemplifies All That Is Wrong
https://nextstl.com/2018/04/university- ... -is-wrong/
From three years ago. Wow time flies.
Nextstl - University City Big Box Plan Exemplifies All That Is Wrong
https://nextstl.com/2018/04/university- ... -is-wrong/
Yep; here's the overall footprint. I'm not sure if this is the most recent plan, but this is basically what they want to build (the two out-lots at the bottom of the image are no longer included).
This will take out dozens of single-family homes, ten or twelve apartment buildings, a couple of churches, a school, as well as all of the privately-owned restaurants and businesses.
In answer to Moorlander's earlier question, I haven't heard much push-back from the Asian-owned businesses. I live in U City and am pretty well tuned in to the local buzz, and they simply have not spoken up very loudly. Many individual residents have defended them, and there have been articles published in various media, but for whatever reason, the owners themselves have not presented a unified, vocal opposition. One of the largest property owners in the area is Asian, and he has gone to court to try to save his properties, but it's all been done in the courts; not in the media.
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This will take out dozens of single-family homes, ten or twelve apartment buildings, a couple of churches, a school, as well as all of the privately-owned restaurants and businesses.
In answer to Moorlander's earlier question, I haven't heard much push-back from the Asian-owned businesses. I live in U City and am pretty well tuned in to the local buzz, and they simply have not spoken up very loudly. Many individual residents have defended them, and there have been articles published in various media, but for whatever reason, the owners themselves have not presented a unified, vocal opposition. One of the largest property owners in the area is Asian, and he has gone to court to try to save his properties, but it's all been done in the courts; not in the media.
This site plan is from a Plan Commission packet...
This site plan was made in October and shows just the Costco parcel. Renderings attached.
Gas pumps.
This site plan was made in October and shows just the Costco parcel. Renderings attached.
+1
Framer, has the Asian small business owners expressed plan b for their businesses? Think it will push them east towards regions core, possibly into city? Curious if their is a possible silver lining.
U City is offering incentives for them to relocate within U City, and Novus is offering incentives for them to relocate within the new development. I have no idea if any of them will do that or not. I do know that some have already moved, but I'm not sure where.
The Tsais, who own Seafood City, are having several buildings taken by eminent domain. Don't really consider them small businesses. Tai Ke moved from U City and opened in Olivette as Tai Ke Shabu Shabu.dredger wrote: ↑Mar 17, 2021Framer, has the Asian small business owners expressed plan b for their businesses? Think it will push them east towards regions core, possibly into city? Curious if their is a possible silver lining.
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^At least two other restaurants have opened new locations elsewhere while keeping the old ones going: Pho Long opened a spot on South Grand and Dao Tien opened a location downtown. Pho Long picked up some folks and maybe some equipment from Kim Ngan when they closed, and the Grand location feels pretty dang different from the Olive location. I haven't eaten at the Dao Tien in U. City, just the one downtown, so I can't really compare. Pho Long, at least, seems to have been doing well. Haven't checked Dao Tien since covid, as it's a lot further afield for us. (Outside my usual stomping grounds even in the best of times.)
Pho Long has been a blessing during the pandemic. They've been doing all in-house delivery so you can actually count on your food arriving on time, and you aren't throwing away money to third party delivery services. Keep every dollar as local as possible.
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Looks like Novus came through with the funding:
https://www.ucitymo.org/CivicAlerts.aspx?AID=992
https://www.ucitymo.org/CivicAlerts.aspx?AID=992
March 29, 2021, University City – The City of University City announced today that property for the first phase of the Markets at Olive Development has been acquired with financing and project development support for Novus Development provided by Bob Clark and Larry Chapman, partners at CRG Real Estate Group. Cedar Rapids Iowa Bank is also providing financing for the project. The acquisition costs were not disclosed.
“This is a major accomplishment in realizing our dream of a Costco anchoring this development,” said Mayor Terry Crow. “We are pleased to partner with Novus Development to bring to University City a corporate citizen like Costco, whose values align so closely with our own.”
“The next steps in the development will see the parcel made ready for a Costco building to be constructed. We are all eager to see construction begin and a Costco open in University City,” said City Manager Gregory Rose.
The first phase is located within a 16-acre area that has been rezoned for a proposed Costco Wholesale store. Costco’s plans are to demolish existing buildings to construct a 160,430-square-foot, free-standing building, a fueling facility, 727 parking spaces and landscaping. A start date for construction has not been announced.
The Costco site is just one portion of the first phase of Novus' $189.4 million mixed-use development in University City called Market at Olive that was approved in June 2019 as part of the Redevelopment Plan Area 1 (RPA-1). Spanning approximately 50-acres between the intersection of Olive and I-170 and McKnight/Woodson Road, the entire development would include a mix of retail, apartments, offices and potentially a hotel.
Rose added that RPA-1 is the first of the three long-range redevelopment and reinvestment projects identified by University City and the only project that involves Novus Development.
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How quick do we think they’ll move with demo and construction now? How long does it take to build a Costco warehouse?
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
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The new brochure is up on Novus' website and it say Q2 2022 at the earliest
https://novusdev.com/wp-content/uploads ... ity-MO.pdf
https://novusdev.com/wp-content/uploads ... ity-MO.pdf
