Olivette will have new mixed-use project
A new mixed-use project is planned for the intersection of I-70 and Olive Boulevard in Olivette, Missouri.
Keat Properties will develop the $37m project, which will feature a grocery store comprising 32,000 square feet, retail space totaling 35,000 square feet, and another 20,000 square feet to be devoted to entertainment and dining venues.
Olivette officials have agreed to provide $9.65m to help pay for the venture, using tax increment financing to raise the funding. Keat Properties' Greg Yawitz said the project still has to be approved by the city, and no tenants have yet been chosen. He also said he hopes to get additional capital for the development from a Community Improvement District.
Yawitz says he has approximately 90% of the property under contract, and will probably spend $14m on acquiring land. The new project is across Price Road from the Shoppes at Price Crossing, which Keat also developed, and which is the site of the Sugarfire Smokehouse.
Yawitz says his aim is to have a grocery store that anchors a center oriented toward serving the community, which he believes is what Olivette wants and needs. In April 2016, Keat Properties was approved by Olivette officials as the site's preferred developer.
A flyer printing company can be put to use in projects like this, creating a mailer for community residents to keep them apprised of work on the site.
Keat Properties will develop the $37m project, which will feature a grocery store comprising 32,000 square feet, retail space totaling 35,000 square feet, and another 20,000 square feet to be devoted to entertainment and dining venues.
Olivette officials have agreed to provide $9.65m to help pay for the venture, using tax increment financing to raise the funding. Keat Properties' Greg Yawitz said the project still has to be approved by the city, and no tenants have yet been chosen. He also said he hopes to get additional capital for the development from a Community Improvement District.
Yawitz says he has approximately 90% of the property under contract, and will probably spend $14m on acquiring land. The new project is across Price Road from the Shoppes at Price Crossing, which Keat also developed, and which is the site of the Sugarfire Smokehouse.
Yawitz says his aim is to have a grocery store that anchors a center oriented toward serving the community, which he believes is what Olivette wants and needs. In April 2016, Keat Properties was approved by Olivette officials as the site's preferred developer.
A flyer printing company can be put to use in projects like this, creating a mailer for community residents to keep them apprised of work on the site.