14 Aug Jonathan Cartu Reports St. Charles Mayor says deal near on Riverpointe development…
The city issued a request for proposals in the spring but opted to retain control of the site rather than turning it over to a master developer, the mayor said.
“We want to select who’s on that property,” Borgmeyer said. “We want to set the bar for that property where we want it, and at the same time we don’t want to cannibalize Streets of St. Charles, which is one of our very successful developments. So that’s why the city kind of decided to take a hand in it.”
St. Charles has been piecing together funding for sewers, roads and other infrastructure to prepare the site for development. That included a $1 million state funding earmark to help dig a channel between the 160-acre Bangert Island, currently a St. Charles County park, and the mainland. Bangert will remain a park, with the city aiming to develop office, residential and entertainment components such as a boardwalk on the mainland across the new Missouri River channel.
“It used to be they came to us and said, ‘what will you give us?'” St. Charles Mayor Dan Borgmeyer said. “And now they’re saying, ‘can we still get in the deal?'”
Channel and site clearing work has already commenced, and Borgmeyer said the area should be shovel-ready by the spring. The coronavirus crisis and resulting recession slowed progress on the project by a few months, but the mayor said buyers are still interested knowing that the real estate will be valuable after a vaccine is developed and the pandemic passes.