Pace Properties has sold its The Boulevard-St. Louis, a mixed-use development in the St. Louis suburb of Richmond Heights, Missouri.
The retail, apartment and office development was acquired by a Chicago-based joint venture of Condor Properties and Edwards Realty. The sale included the 4.8 acres south of the commercial development.
Pace developed The Boulevard for $45 million in 2004, drawing anchor tenants that included Missouri’s first, and only, Crate and Barrel, Soft Surroundings’ first store and restaurants Maggiano’s Little Italy and PF Chang’s China Bistro.
Terms of The Boulevard sale were not disclosed.
When phase one of The Boulevard opened in 2004, it showcased a five-acre walkable environment of 200,000 square feet of commercial and retail space and 74 luxury apartments called Allegro at The Boulevard. The apartments have sustained a leasing percentage rate in the mid-90 percent.
As the Great Recession took hold, Pace put plans on hold for a phase-two expansion that included more housing and retail space on five adjacent acres to the south. After the market rebounded, Pace re-established the tax increment financing agreement with the City of Richmond Heights in preparation for construction of the second phase. Investors elected to sell the property rather than develop this second phase.
Condor and Edwards, though, do plan to advance the second phase to include commercial, retail and residential uses. Pace will continue to manage and lease the property and perform the marketing and leasing for the buyers’ phase-two project.
