The $2 billion redevelopment of the former Chesterfield Mall site is set to revolutionize the area, following the mall’s official closure this past weekend. Led by The Staenberg Group, the project—dubbed “Downtown Chesterfield”—will transform 117 acres of prime land into a dynamic urban space that blends residential, office, retail, and recreational uses. This redevelopment is poised to bring 2,700 new residential units and millions of square feet dedicated to businesses, dining, and retail.
Tim Lowe, Senior Vice President of Development at Staenberg, shared that this project aims to provide an urban experience within a suburban setting. “We’re creating an urban downtown, just in a suburban area,” Lowe explained, with the goal of appealing to those who crave downtown amenities but prefer suburban living.
This large-scale project is part of a growing trend of redevelopments seen in cities like Austin, Phoenix, and Dallas. Chesterfield, already home to significant retail and entertainment venues such as the Commons and the District, is well-positioned for a project of this magnitude. “A high-end urban mixed-use downtown fits right into the market,” Lowe added.
Downtown Chesterfield: A New Urban Vision
Downtown Chesterfield is more than just another mixed-use development—it’s a reimagined urban core for the 21st century. Spanning 117 acres, the development will feature a sprawling 6 million square feet of residential, office, and retail space. What makes it truly unique is its integration of public green spaces, with over 25% of the land dedicated to plazas, parks, sidewalks, trails, and rain gardens.
At the heart of this vibrant community lies a 3.5-acre central park, surrounded by high-rise office buildings, hotels, shops, restaurants, and residential units. This new urban downtown is carefully designed with pedestrian pathways, ensuring that every resident and visitor is within a 5-10 minute walk of any destination within the district.
The development also includes eco-friendly features such as tree-lined streets and rain gardens to reduce the heat island effect. This walkable, bike-friendly layout not only encourages a sustainable lifestyle but also creates a safer, greener environment for all.
A Boon for Local Homeowners and Investors
For local homeowners and future residents, New Monarch Realty is keeping a close watch on the impact this redevelopment will have on the Chesterfield real estate market. As property values are expected to rise, now is the perfect time for sellers to capitalize on the growing demand. “New Monarch Realty is ready to help homeowners navigate this changing landscape and guide investors looking to take advantage of the area’s growth,” says Jay Lindberg, Owner and President of New Monarch Realty.
This redevelopment opens up exciting opportunities for those seeking an urban lifestyle in a suburban setting. Whether you’re an empty nester looking to downsize or a professional eager to experience the vibrant new community, New Monarch Realty is poised to assist buyers in finding the ideal property within Downtown Chesterfield.
Earlier this year, Chesterfield entered into a formal agreement with The Staenberg Group to proceed with the project, securing up to $352 million in tax increment financing (TIF) for public infrastructure improvements like roads, sidewalks, utilities, and parking. The remainder of the multi-billion-dollar project will be financed privately, according to Lowe.
An Evolving Trend: Redefining Suburban Spaces
This redevelopment reflects a broader trend across the U.S., where many former malls are being reimagined into thriving mixed-use communities. June Williamson, a professor at the City College of New York’s Spitzer School of Architecture, specializes in suburban retrofitting and sees Chesterfield’s redevelopment as part of a necessary shift. “Many malls are no longer thriving, which presents a perfect opportunity to rethink how these spaces are used,” Williamson explained. She emphasized that dense, walkable developments shouldn’t be confined to city centers—suburban areas like Chesterfield can also benefit from this approach.
The Staenberg Group has been acquiring property in and around Chesterfield Mall for the past five years, starting with the old Sears building and eventually purchasing Macy’s and other parcels. “We saw the decline of these retail spaces as an opportunity for something new,” Lowe said.
Demolition of the mall is scheduled to begin on October 15, marking the next phase of the project. Following site preparation, residential construction is expected to commence, with the first 1,000 units set to be available by 2028 or 2029. The full development, including additional housing, retail, and office space, will evolve over the next 10 to 15 years, depending on demand.
New Monarch Realty: Your Guide Through Chesterfield’s Growth
As the transformation of Chesterfield takes shape, New Monarch Realty is prepared to help current homeowners and potential investors make informed decisions about buying and selling property in the area. With deep market expertise and a personalized approach, New Monarch Realty ensures that clients can navigate this changing landscape with confidence. Whether you’re looking to buy in the heart of the redevelopment or capitalize on rising property values in nearby neighborhoods, New Monarch Realty is your go-to partner.
In addition to the residential opportunities, Downtown Chesterfield will feature bike paths and walkways connecting to nearby amenities like the amphitheater, library, YMCA, and the $1 billion Wildhorse Village development. “The worst thing you can do is build for nobody,” Lowe said. “Once we get that first phase in and create that nice community, it will organically grow over time.”
Whether you’re looking to be a part of this exciting new urban community or simply seeking advice on the opportunities Chesterfield’s redevelopment presents, New Monarch Realty is here to guide you every step of the way.