The planned new Crossings at Richmond Heights hotel, restaurant and retail complex on the southeast corner of I-64/U.S. 40 and Hanley Road would be developed through a public-private partnership with the City of Richmond Heights, under a proposal outlined by the Summit Development Group during Monday’s Richmond Heights city council meeting.
Touted as “St. Louis’ Premier New Mixed-User Development” by listing agent Colliers International, the proposed $50 million, 30,000 square-foot complex, on the currently vacant six-acre tract at the eastern terminus of Eager Road, is to include a five-story hotel, two restaurants, and a 16,000-square-foot “big box” retail building, as well as 1,600 feet of adjacent space for smaller retailers.
Most of the site is currently owned by the City of Richmond Heights with a portioned owned by the Missouri Department of Transportation.
Summit Development representatives detailed the public-private partnership proposal for the council during an executive session Monday night. Terms of the proposed arrangement were not publically announced. Council members discussed the proposal for at least an hour in closed session following the Summit presentation.
To help the city assess the merits of the proposal, Summit has agreed to cover the cost of an independent analysis by the St. Louis-based law firm of Gilmore & Bell, P.C., the nation’s largest municipal bond counsel. City council members Monday night gave first reading to a funding agreement under which the law firm would be retained and paid by the city, with the city then reimbursed through a special account funded by Summit.
Summit Group hopes to finalize development plans and financing for the Crossings in June, according to City Manager Amy Hamilton. The company hopes to break ground on the project this spring or summer, Summit representatives told 40 South News.
The developer had originally hoped to start construction in January.
The city council gave initial consideration to the project last year; however, further formal action has been on hold while Summit worked out details of the project.
Summit representatives told 40 South News they cannot yet announce tenants in the Crossing development.