The City of Richmond Heights issued the following news release Saturday after the St. Louis Post-Dispatch reported that Pace Properties is no longer planning a $125 million retail development in the northern portion of Hadley Township. Links to previous articles have been added to help readers navigate.
Pace Properties announced Friday they will no longer pursue redevelopment in the Hadley Township Redevelopment Area because they have been unable to reach agreement with all property owners in the area.
"This announcement comes after several months of negotiations between Pace and property owners," said Richmond Heights City Manager Amy Hamilton. "Pace has informed us that they will notify property owners of their decision. The City has mailed an informational letter from the mayor to notify affected property owners."
Pace Properties was pursuing redevelopment in the area of Richmond Heights bounded by Elinor Avenue, Hampton Creek, Dale Avenue and Hanley Road.
Meanwhile, negotiations continue between area property owners and Menards, Inc. The Wisconsin-based retailer aims to build in the southern portion of the Hadley area in a site bounded by West Bruno Avenue, Berkley Avenue, Elinor and Hanley.
"Richmond Heights will continue to work with Menards in the expectation that negotiations with property owners will be successful," Hamilton said. "We expect to learn more regarding their progress in the next 30 days."
Earlier this year, Richmond Heights issued a request for proposals for comprehensive redevelopment in this area — the fifth such attempt since 2004. The series of requests for redevelopment proposals began in response to a majority of Hadley township residents who sought to sell their properties.
"As we have said before, thoughtful, deliberate redevelopment of this area, rather than sporadic piecemeal redevelopment, is in the best interests of all our residents," said Richmond Heights Mayor James Beck. "Without a comprehensive approach, spot redevelopment will leave remaining residents hemmed in by sporadic commercial uses along Hanley Road."
Beck noted the patience of all property owners during this process of seeking comprehensive redevelopment.
"Some could have individually sold their properties long ago given commercial interest in Hanley Road frontage, but they chose not to do so in light of the expectation of comprehensive development," the mayor said.
He said spot redevelopment on Hanley north of Elinor seems likely to go forward now.
Mayor Beck also stated, “We are disappointed that the Pace project cannot go forward.”
More about Hadley Township development on Patch:
- 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
- Hadley Casts Shadow on Eminent Domain, Blogger Says
- Menards Gives Hadley Update in Richmond Heights
