ST. LOUIS BUSINESS JOURNAL -- Georgia-based Hull Property Group has closed on its acquisition of the Chesterfield Mall, confirming that it will lead the redevelopment of the 1.3 million-square-foot property.
But the company cautioned that it will take "a great amount of time, capital and effort" to find a new use for the property, particularly when it comes to financing the project, a stance that could prove problematic with Chesterfield officials, who are reluctant to give public support. The Business Journalpreviously reported that Hull Property Group was the likely winner of the spring auction of the failed mall, paying $13 million with $2 million in earnest money upfront.
"We believe that it is important for a community to have a vibrant retail corridor and a first class enclosed mall, but it is clear the Chesterfield Mall is not succeeding in its current state," Hull Property Group Managing Principal Jim Hull said in a statement. "Due to changing shopping habits and the exodus of retailers, a great amount of time, capital and effort is needed to determine how to reinvent this property into the best use that the Chesterfield community will embrace. Our first steps are to work with local leaders, community stakeholders and surrounding property owners to build a consensus on what the future should be for this prominent and critical Chesterfield property.
"We must also resolve the outstanding litigation regarding ad valorem tax valuation. If we can’t arrive at a shared vision for the future of this very important property and, indeed this entire area, and work together to achieve that vision, then the marketplace may dictate an unfortunate and unforgiving future," Hull said.