By Tracy Clemons

CHESTERFIELD, Mo. (KSDK) - The site of one of the two new high-end outlet malls in the Chesterfield Valley is about to get a little more crowded.

Thursday we learned that the land surrounding St. Louis Premium Outlets will be developed as well. That land will be home to 20 to 30 restaurants, stores, and possibly a hotel and a movie theater.

Dean Wolfe, who sold the land to Simon to build the Premium Outlets but kept the 75 acres that surround it, is selling it one piece at a time.

"Those purchases are for service type businesses like a Convenience store, restaurants, hotel, entertainment venues, other retail that's not outlet, and ultimately office space," Wolfe said.

He says one company has already signed on and should start building in September. But the question of the day is "just how much is too much?"

"I don't believe it's over-developing," said Wolfe. "What we're doing here is unique and it's different than what you're going to find almost anywhere else."

"I think it depends on what goes in there," added Bob Ferguson with Millenium Financial Group. "How many high end men's stores can you have? That's one of the questions. If it's different types of stores that are going in there as opposed to big premium outlet malls, then I think it's different. But competition is brutal in this space."

Ferguson says putting up businesses that are not in the malls could be very attractive. He also says the success of this venture, and the two new malls hinges on one unpredictable factor.

"Much of it depends on how fast the economy proceeds to progress. If we slow down, that's not going to be good for any of these businesses," he said.

Both malls are set to open by August.

We're told no TIF funding is being used in this development. We're also told Wolfe hopes to start making announcements about who's coming to the new development sometime this summer.

For more information, visit Chesterfieldbluevalley.com.