Knoebel Construction of Chesterfield broke ground Feb. 1 on the 28-acre, $54 million retail development in St. Peters, called The Shoppes at Mid Rivers.
The project consists of 14 buildings within the 270,000-square-foot shopping center, which is located just north of Interstate 70 in St. Charles County. The project is scheduled to be completed in this fall, as the company plans to construct the buildings concurrently.
Several retail tenants were announced in November, including anchor stores Academy Sports + Outdoors, Marshalls and Home Goods. Burlington, Ross Dress for Less, ULTA Beauty, Famous Footwear, Five Below and Carter’s OshKosh B’Gosh will also be included in the shopping center.
GBT Realty Corp., a Brentwood, Tennessee-based developer, unveiled its plans for the shopping center in May last year and closed on the property in late October.
It was previously owned by Kaplan Lumber and an entity called Nobbe Lands LLC, a business tied to William Nobbe & Co. Inc. The property has a market value of about $4 million, according to St. Charles County records.
GBT officials estimate the development will generate about $3.5 million annually in local taxes, according to previous Business Journal reports. The city of St. Peters is providing incentives worth up to $10 million..
GBT also is working on a mixed-use development project at the northeast corner of Clayton and South Hanley roads in Clayton. The project includes plans for nearly 300 apartment units with a restaurant, organic grocer and retail tenants.
Knoebel Construction recently moved from Fenton to a new facility to Chesterfield. According to owners Matthew Mabie and Keith Snider, the move more than doubled Knoebel’s space to 9,688 square feet. Total investment for the move was $1.5 million. The company has annual revenue of $41 million.
St. Louis Business Journal ©February 2017