New retail development to be built near Mid Rivers Mall in St. P - KMOV.com

New retail development to be built near Mid Rivers Mall in St. Peters

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GBT Realty Corporation will build a new retail development on this plot of land near Mid Rivers Mall that it hopes will open by the holiday season in 2017. Credit: KMOV GBT Realty Corporation will build a new retail development on this plot of land near Mid Rivers Mall that it hopes will open by the holiday season in 2017. Credit: KMOV
ST. PETERS, Mo. (KMOV.com) -

St. Peters officials recently cleared the way for a new retail development to be built on Mid Rivers Mall Drive, just north of I-70.

A company known as GBT Realty Corporation is behind the development that it is calling the largest retail development in the St. Louis area since 2008. It will sit on 28 acres of land.

Developers and officials are hoping groundbreaking will take place in the late summer or early fall. It has not been announced which stores will open in the shopping center.

Those behind the project say they have been working with city officials on road improvements in the area. A St. Peters city official told News 4 taxpayer money that went to an old project will be used to help pay for road improvements near the development.

“We do TIF [Tax Increment Financing] differently in St. Peters. There will be no new TIF but a TIF for Old Town is going to expire in May, 2017. That money is being done for infrastructure to develop roads, not going to the developer like in other locations,” said Lisa Bedian, Communication Director for City of St. Peters.

GBT believes the project will generate about $3.5 million in local tax revenue and create more than 1,200 jobs, including jobs in construction.

The plan is to open the shopping center in time for the 2017 holiday season.

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