Despite lack of visible progress, major Olive/170 development in U City still planned

The project requires the purchase of homes and businesses in the footprint

Michael Calhoun
February 11, 2020 - 3:53 pm

Photo supplied/University City

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UNIVERSITY CITY (KMOX) -- University City officials still promise big retail is on the way.

"The project is continuing to advance," said U City's city manager, Gregory Rose, who told aldermen at Monday's city council meeting that developer Novus is still trying to nail down financing for the big box development near the corner of Olive and I-170.

It's expected to be anchored by a Costco.

"They're still advancing with their efforts to get the financing needed for the project," Rose continued. "As I understand it they're pretty close to reaching the various agreements that are needed."

Novus is buying up homes it will need to tear down to make room for the development -- 41 of the 67 houses they need have so far been purchased. Rose calls that "land assemblage," they're still negotiating with some homeowners on a fair price.

Some locally-owned restaurants in the area, many of them serving ethnic food from a variety of countries around the world, will also need to close.

University City approved roughly $70 million in TIF money for this last summer.

Additional editing by Alex Degman

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