Inside Staenberg’s $2B vision for Chesterfield
The Staenberg Group is pressing on with its projects in Chesterfield despite pressures from the COVID-19 pandemic
The Staenberg Group is pressing on with its focus on retail development despite pressures from the pandemic.
If anything, company officials said, the COVID-19 pandemic has solidified the development company’s strategy, especially in Chesterfield, where The Staenberg Group is embarking on nearly $2 billion worth of retail development across a handful of projects.
“We can’t tell you what’s going to happen with the virus. But we’re moving forward with the fact that we believe that the virus is going to be contained,” founder Michael Staenberg said. “There may be less retail locations in the future but there’s going to be as much need for it.”
The company has a diversified line-up: its shopping centers, Chesterfield Valley Square and Chesterfield Commons, of which it co-owns; a new Jaguar Land Rover dealership that’s slated to open in 2021; and its redevelopments of the Chesterfield Mall and Chesterfield Outlets.
Most notable — and anticipated — in TSG’s vision is its $1 billion overhaul of the Chesterfield Mall, at Interstate 64 and Clarkson Road, that will be a planned, mixed-use community that TSG said will be known as downtown Chesterfield. It’s the cornerstone of Staenberg’s broader plan to remake not only retail but Chesterfield itself.
A redevelopment of the mall has been on Staenberg’s to-do list for years; TSG first acquired the Sears building on site in early 2018 and later bought the failed mall two years later.
TSG will be the master developer of the site that will eventually feature apartments, condominiums, office, retail and other amenities. But the project is a 10-year endeavor, with the first phase not opening until 2025 at the earliest.
”It’s something that’s missing today. … We believe this will be a game changer,” Staenberg said.
Debuting much sooner is The District, his firm’s redevelopment of an outlet mall that will feature music venue The Factory, indoor entertainment venue Main Event, pickleball courts and other shopping and eating options. The Factory is slated to open in 2021, and reportedly has interest from over 200 acts wanting to book. Main Event will begin construction this month and will open in early summer 2021. TSG also has received interest from a variety of restaurants and caterers, an e-sports operator, and a concept that is similar to Westport Social in Maryland Heights, Staenberg said.
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