November 14, 2013 | Rob
As reported in the St. Louis Business Journal by E.B. Solomont, November 14th, 2013:
A new Save-A-Lot supermarket is set to open Thursday in Lafayette Square, bringing a grocery store to a neighborhood that had few places to buy fresh produce. The 17,678-square-foot store, at the long-vacant Foodland plaza, is at the intersection of S. Jefferson and Lafayette avenues. The shopping center was redeveloped by Green Street St. Louis and is now being called Jefferson Commons.
“We’ve pretty much done a full redevelopment and renovation,” said Brian Pratt, vice president at Green Street, which bought the 45,200-square-foot site in 2011 and redeveloped it for a total cost of $8 million. “We peeled everything back to the superstructure, tore off the facade,” and then added a new roof and other improvements, he said.
Besides Save-A-Lot, tenants include H&R Block and Blast Fitness. Subway and Wing Zone occupy a 3,300-square-foot “out-lot” that Green Street constructed.
Pratt projected $12 million in retail sales.
To finance the project, Pratt said Green Street obtained private equity capital, a loan from People’s National Bank, New Market Tax Credits and $1.7 million in Tax Increment Financing.
Pratt said the construction created 125 full-time jobs and 16 part-time jobs. UIC was the contractor. Once all the stores are open, the center will employ 80 full-time employees.
Pratt said Green Street is pursuing LEED certification, and installed solar panels on the building.
“So we’re certainly proud of the sustainable impact the renovation will have on tenants and the community,” he said.
St. Louis-based Save-A-Lot, led by President and CEO Ritchie Casteel, is a division of Supervalu Inc., the parent company of Save-A-Lot and Shop ‘n Save. Supervalu reported net earnings of $40 million on $3.95 billion of net sales in the second quarter. Save-A-Lot reported second quarter net sales of $972 million compared to $973 million in the prior-year period.
