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Developer, city report slow progress finding restaurant tenant for Olive Crossing site; access improvements under study
Summary
Developer Michael Sansone told the Olivette City Council that marketing for the restaurant parcel at Olive Crossing has produced interest from local operators but no firm tenant yet; staff and the developer said they are evaluating design, a possible build-to-suit and a street-access realignment to improve marketability.
Michael Sansone, the owner/developer of the parcel at Olive Crossing, told the Olivette City Council on Feb. 11 that the property has been formally marketed since November but has not yet produced a signed tenant for the site the city anticipated would house a sit‑down restaurant.
City and developer officials said they have contacted several multi‑unit local restaurant operators and offered multiple deal structures — selling the land, contributing land toward a project, building a building for leaseback or offering a build‑to‑suit — but none has produced a firm commitment.
“The City Center Redevelopment District planned for there to be a restaurant,” Sansone said, and his marketing team has approached local operators, including multiunit restaurateurs in the St. Louis market. “We've offered to sell land. We've offered to contribute land and build a building and lease back.”
Why it matters: the parcel sits at the…
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