The City of University City announced today that property for the first phase of the Markets at Olive Development has been acquired with financing and project development support for Novus Development provided by Bob Clark and Larry Chapman, partners at CRG Real Estate Group. Cedar Rapids Iowa Bank is also providing financing for the project. The acquisition costs were not disclosed.
“This is a major accomplishment in realizing our dream of a Costco anchoring this development,” said Mayor Terry Crow. “We are pleased to partner with Novus Development to bring to University City a corporate citizen like Costco, whose values align so closely with our own.”
“The next steps in the development will see the parcel made ready for a Costco Wholesale building to be constructed. We are all eager to see construction begin and a Costco open in University City,” said City Manager Gregory Rose.
The first phase is located within a 16-acre area that has been rezoned for a proposed Costco Wholesale store. Costco’s plans are to demolish existing buildings to construct a 160,430-square-foot, free-standing building, a fueling facility, 727 parking spaces and landscaping. A start date for construction has not been announced.
The Costco site is just one portion of the first phase of Novus’ $189.4 million mixed-use development in University City called Market at Olive that was approved in June 2019 as part of the Redevelopment Plan Area 1 (RPA-1). Spanning approximately 50-acres between the intersection of Olive and I-170 and McKnight/Woodson Road, the entire development would include a mix of retail, apartments, offices and potentially a hotel.
Rose added that RPA-1 is the first of the three long-range redevelopment and reinvestment projects identified by University City and the only project that involves Novus Development.
University City was incorporated on September 4, 1906 by founder Edward Gardner Lewis, as a city of learning, culture and beautiful neighborhoods. This diverse community of about 34,000 residents provides welcoming neighborhoods, thriving business districts, and is a great place to live, learn, work and be entertained. More information is available at www.ucitymo.org.