Mid-St. Louis County is one of the tightest retail submarkets in St. Louis, with vacancy hovering at 3.1 percent, nearly two percentage points lower than the region’s average, according to a recent report from Newmark Grubb Zimmer.
It’s why Summit Development’s $52 million The Crossings at Richmond Heights is one of the region’s most significant retail projects. The city of Richmond Heights approved a community improvement district, or CID, to help in financing up to $5.5 million in public infrastructure improvements and a $1.5 million sales tax rebate to help with utility relocations and Dale Avenue enhancements.