Revitalization of Vacant Value City Site Brings New Life to Florissant

The Value City store on North Lindbergh Boulevard in Florissant, Missouri, stood vacant for over a year and a half after filing for bankruptcy protection in October 2008. However, a new revitalization project is underway, with three national chain tenants - Best Buy, PETCO, and a third unidentified company - scheduled to move into the 92,000-square-foot building. National Retail Properties, a publicly traded real estate investment trust, owns the property and is overseeing the renovation and redesign.

Key Takeaways:

• The Value City store was closed in October 2008, but a new project is underway to renovate the building and attract new tenants.
• Three national chain tenants - Best Buy and PETCO - are scheduled to move into the building, with a third company still in negotiation.
• National Retail Properties, a Florida-based real estate investment trust, owns the property and is overseeing the renovation.
• The project is moving quickly through the approval process, with the Planning Commission recommending approval on April 19 and the City Council introducing a rezoning bill on May 24.
• The city of Florissant has expressed support for the project, with Mayor Robert Lowery stating that his administration "worked very, very hard" to bring in new development.
• The renovation will include a new brick facade, a 13,000-square-foot addition, and the redesign of the parking and parking islands and lights.

Statistics:

• The building is 92,000 square feet in size.
• The renovation is expected to be completed within 360 days.
• The project is expected to start within 90 days of the city issuing permits.
• National Retail Properties owns 1,015 properties in 43 states.
• The new tenants will split the existing space, with a third tenant receiving a separate 13,000-square-foot addition.