Jamestown Mall owners propose $120 million makeover
It's a change that one St. Louis County councilman says is the "most viable" plan so far for reviving the property. Other officials are taking a wait-and-see attitude.
Carlyle Development Group, which owns the mall, announced redevelopment plans last week that would convert the mall to mixed-use commerce facility.Tom Fear, a senior vice president for Carlyle, said the first phase of the $120 million plan involves converting the former Dillard's department store to office space. The store has about 215,000 square feet of available space.
Another 100,000 square feet of retail space in the Dillard's wing of the mall also would be converted to office space.
Fear said the retailers presently in the Dillard's wing would be relocated to the north and east wings of the property. The move would immediately increase the occupancy rate to 70 percent, Fear said.
The renovations may start in early 2009.
Future phases of the redevelopment include a 200-unit senior living community, known as the Residences at Coldwater Creek, on 26 acres of mall property along Old Jamestown Road.
Although a consultant is still developing detailed plans for the community, Fear said initial plans call for it to be an independent living community. He said there is a market for well-priced senior apartments or condominiums.
Plans now do not include assisted-living or skilled-nursing units, which would require a certificate of need from the state of Missouri.
"That's not the path I want to go down," Fear said.
Work on the senior community would begin as early as 2011 or 2012, he said.
Other phases would include about 360,000 square feet of low-rise office space and some limited retail space along Highway 67.
Reviving the mall has been a hot topic since Carlyle purchased the mall in 2003.
But plans developed since 2004 never materialized, Fear said. A rezoning proposal that would have allowed more commercial space was withdrawn in January after the St. Louis County Council took no action for six months.
"Over the last four years, our plans have languished," Fear said.
The new plan has received a favorable reaction from County Councilman Michael O'Mara, whose 4th District includes the mall.
"It's a beginning. We feel it's the most viable (plan) so far," O'Mara said.
He said he's looking for an overall plan to be submitted for the mall, not just in phases.
Black Jack Mayor Norm McCourt, whose municipality is adjacent to the mall, said preliminary plans looked positive.
"Any kind of development is good there," McCourt said. "It's better than vacant buildings."
Kenneth E. Smith, president of the Old Jamestown Association, said he hadn't seen the plan other than reading a small notice in a newspaper. The association represents nearby homeowners.
"Until they come forward with a proposal and go to a public hearing, then we can say something about it," he said.
Fear said Carlyle plans to present a complete plan to county officials in the coming months.
The days of large, enclosed retail malls are waning with changes in shopping patterns and the rise of the Internet.
Competition from the Shoppes at Cross Keys and St. Louis Mills also had an impact on the mall's success, Fear said.
Still, Fear views North County as a viable market. He sees residential housing expanding once the current mortgage and credit crisis begins to ease.
And he sees the office space as an alternative location for businesses. "Why should I drive to Clayton?" he said.
The conversion of Jamestown Mall into a mixed-use commerce facility is expected to include the following components:
- Converting the former Dillard's store and the Dillard's wing of the mall to office space.
- Constructing a 200-unit senior living community, the Residences at Coldwater Creek
- Constructing 360,000 square feet of office space as well as limited retail space along Highway 67.
