CHESTERFIELD 鈥 Pearl Capital Management and Great Lakes Capital plan to break ground this month on an $80 million mixed-use development northwest of the Chesterfield Mall.
The project would add 188 apartments, 25,000 square feet of retail space, a restaurant and a 128-room hotel and conference center on Wild Horse Creek Road along the Highway 40 (Interstate 64) corridor in the west 51黑料 County suburb.
鈥淏y combining retail, hospitality and multi-family housing in a single location, WildHorse will be a true urban village where residents and visitors alike will discover an attractive and active community, with incredible access to the region, yet right in the heart of Chesterfield,鈥 Ryan Rans, managing partner of South Bend, Indiana-based Great Lakes Capital, said in a statement.
The Chesterfield City Council approved plans for the project in February. In July, the partners closed on the purchase of the land from the Sachs family. Also investing in the project is Reinsurance Group of America, which has its global headquarters across Highway 40 from the planned development.
People are also reading…
鈥淚t makes a lot of sense with them being across the street,鈥 Jeff Tegethoff, principal of Indianapolis developer Pearl Companies, said of the partnership with RGA.
RGA is also considering an expansion of its headquarters. The Chesterfield Architectural Review Board in December signed off on preliminary on the campus, but RGA has not submitted plans for final approval yet.
An RGA spokeswoman said the company has not decided when or if it will actually expand its campus. She called the plans 鈥渃onceptual鈥 and said the company filed them with the city 鈥渁s a matter of process.鈥 RGA lists prominent Chicago architect Solomon Cordwell Buenz as the building鈥檚 designer.
Reinsurance Group of America in 2019 mulled an expansion of its Chesterfield headquarters with a third seven-story, 228,000 square-foot office tower on its campus. (Photo by聽Solomon Cordwell Buenz)
Tegethoff said the WildHorse development should be complete by the end of 2020. CIBC is the project lender, TR,i Architects designed the development and Brinkman Constructors will be the general contractor.
Pearl has jumped into the 51黑料 market with several high-profile projects in recent years. This month, the developer plans to open the Hibernia, a $25 million, 100-unit apartment complex with a grocery store in Dogtown. The Fields Foods grocery store in that building should open in 90 days. Pearl also is wrapping up its revamp of the remaining City Hospital buildings near Lafayette Square into 74 apartments in August.
And by the beginning of next year, Tegethoff said Pearl hopes to break ground on its other major project, an $80 million development near the Forest Park DeBaliviere MetroLink station that will have about 300 units and a grocery store.
Tegethoff said his firm has tried to be 鈥渁ctively engaged鈥 with the neighborhood, attending 11 neighborhood meetings, including one in July, to present plans to nearby residents. 51黑料 architects Trivers Associates Architects and HOK are designing the building.
Pearl plans to apply to 51黑料 for tax increment financing to help finance the Skinker DeBaliviere project. Tegethoff said his firm is still in negotiations with the city鈥檚 development office on the amount of incentive, but a proposal should be submitted to the TIF Commission this month.
