Menards will have until Nov. 20 to sign and fund a preliminary funding agreement for its Hadley Township development. Richmond Heights City Council adopted the resolution at its Monday night meeting.
An extension granted in mid-July expired this week.
Peter Sheahan, a representative for Menards, said about 20 percent of the neighborhood targeted for development is under contract. If everything goes well, he said, that figure could rise to 50 percent next week.
"We are making very positive progress," Sheahan said.
Meanwhile, the council received its final update from Pace Properties, which announced late last week it will not pursue its development in the northern section of Hadley.
"It just wasn't meant to be," said Rick Randall, senior vice president for development.
During the last eight weeks, the company went back to drawing board in an effort to see whether the project cost could be lowered to increase homeowner buyouts, Randall said. But instead of finding savings, the project seemed to get more expensive.
"When I started, I made certain judgments based on the history and so forth, and I think some of those judgments proved to not be the best," Randall said. "We used a formula (for homeowner buyouts) that we felt was very fair."
Randall thanked the City of Richmond Heights staff, whom he described as the most professional in the St. Louis area.
Also on Monday, Hadley Township resident JoAnn Bailey said documents from the early 2000s show a majority of Hadley homeowners wanted to stay in the neighborhood as opposed to working with developers.
"My purpose is that the council, you (Mayor James Beck) and the council and the City of Richmond Heights have consistently said that we asked for this development, and these documents and statements prove that the majority of the people did not," Bailey said.
Beck said Bailey's characterization isn't accurate.
"You cherry-picked documents and evidence," he said. Beck said a majority of homeowners at the time wanted to pursue development.
More about Hadley Township development on Patch:
- Pace Leaves Hadley: 'We Are Disappointed,' Mayor Beck Says
- Hadley Exit by Pace Properties Draws Reaction on Social Media
- Pace Properties Abandons Hadley Township Retail Development
- Pace Properties: Commercial Contracts in Works for Hadley
- Menards Gives Hadley Update in Richmond Heights