It appears that Simon Property Group, the developer of St. Louis Premium Outlets in Chesterfield, may have swapped one outlet mall for another.
Reports emerged this morning that Hazelwood's outlet mall, St. Louis Mills, has a new name and new management. Now calling itself St. Louis Outlet Mall, the property will be managed by The Woodmont Co.
How is this relevant to Simon's venture in Chesterfield? Simon acquired St. Louis Outlet Mall through a merger with the Mills Corp. in 2007. With the announcement of the new management, Woodmont also said it's leasing the property; however it doesn't appear Simon is still the owner.
Simon representatives would not comment on the sale, but did reaffirm its commitment to the St. Louis Premium Outlets project in Chesterfield, of which a partner is Woodmont.
When Patch reached out to Woodmont about its plans for St. Louis Outlet Mall, Frederick Meno, president and CEO of Asset Services for the company, said they had no plans to purchase the property.
"The ownership of the property transferred at the end of August and we manage/lease the property for the new owner," he said.
Although Meno would not say who purchased the property, he did say the new ownership name "is a special purpose entity that was established to own the property.”
What's next for St. Louis Outlet Mall?
said the name St. Louis Outlet Mall more accurately reflects the mall's roster of stores and entertainment venues.
The name change appeared on the property's Facebook page the first week in September, still management was mum about any sort of sale.
Meno said his company has goals for the 1.2 million-square-foot center that opened in 2003.
"Our plans are to increase the occupancy and the value of the property by building upon the existing merchandising mix that is currently represented at the property," he said.
It has typical outlet stores but also has a skate park, NASCAR Speedpark, an I-MAX movie theater, restaurants and an ice rink the St. Louis Blues use as their practice facility.
Mall signage is being changed to note the new name, which also will be used in advertising this holiday season, the management company said.
Ross Dress for Less will open its new store at the St. Louis Outlet Mall during the first part of 2013.
Woodmont, based in Fort Worth, TX operates more than 16 million square feet of enclosed regional malls, outlet centers and open-air shopping centers nationwide.