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Olivette manager reports redevelopment progress; Aldi targets February opening
Summary
City Manager Yackley updated the council Tuesday on redevelopment progress and community programs, saying the apartment complex is 86% leased, Aldi aims to open in February and Lot 3 has two named tenants.
City Manager Yackley updated the Olivette City Council on redevelopment and community events Tuesday, saying the city’s downtown parcels continue to move forward and several community programs are starting this spring.
“The apartment complex continues to do well. It is 86% leased and 83% occupied,” City Manager Yackley said, reporting steady lease and occupancy rates at the new residential project.
Yackley said Lot 1 and Lot 2 — the site where an Aldi grocery is under construction — are “targeting a February” 2025 opening. He described Lot 3, the retail building, as one‑story and said two tenants — Paris Bagat and Brass Taps — will occupy opposite ends; contractors expect to remobilize next week and turn the building over to tenants in late June. Yackley said another lease is nearing completion for a consumer goods company (name not specified) and one business has signed a letter of interest for a smoothie concept.
On Lot 5, Yackley said the city and property owners continue to market the site to office tenants. For Lot 6, he said O’Reilly Hospitality is underwriting financing for a proposed hotel and that the developer continues to work with contractors, lenders, architects and engineers.
Yackley also highlighted other city items: nominations are open for the second annual Olivette Business Awards (winners to be honored at the May Chamber luncheon); the Popular Annual Financial Report is available on the city website; and the Citizens Police Academy will begin March 5 and meet Wednesdays from 7 to 9 p.m. with ride‑alongs and limited firearms familiarization at a range managed by a hosting agency. He noted the City Center will be closed Jan. 20 for Martin Luther King Jr. Day and encouraged residents to subscribe to the Olivette Weekly newsletter.
Mayor Waldman and council members asked follow‑up questions about building height and how sales tax from new retail will be treated under the city’s TIF arrangements; Yackley said about half of Aldi’s sales tax initially goes to TIF obligations and that future tax flows depend on the timing of abatements and TIF schedules.
The council had no action to take on the manager’s report; the updates were informational.
