The wheels are in motion for commercial development at the Three Springs at Shiloh after years of the 133-acre property sitting idle.
Dierbergs Markets Inc. wants to be the new developer of the Three Springs at Shiloh development site, according to paperwork filed with the village of Shiloh.
The Shiloh Committee at Large unanimously approved Dierbergs’ request for an ordinance draft and setting of a public hearing during its meeting on Monday. The item will go before the board again for final review and approval at 7 p.m. Monday, Nov. 7. If approved, the public hearing will begin at 6:55 p.m. at the Village Hall, located at 1 Park Dr.
“We are really going above and beyond the call of duty on this by holding a public hearing, but we don’t want any kinks in the process to hold up the assignment of a new developer for Three Springs (at Shiloh),” said John Marquart, village administrator.
Currently, Three Springs at Shiloh has only one anchored tenant, American Eagle Credit Union, at 1153 Blue Springs Plz., which opened three years ago. The multi-use development was earmarked for commercial development since its inception in November 2008, but little movement has been made to attract businesses to the prime location — the intersection of Frank Scott Parkway and Green Mount Road.
Now, Dierbergs wants to step into the role of developer that once was represented by the McEagle Properties and other Paul and Chris McKee businesses like Havenhills Investment Company LLC.
It’s a long time coming and I think people will be happy about it moving forward.
John Marquart, Shiloh village administrator
In attendance for the committee meeting was a Dierbergs representative — Brent Beumer, vice president of Real Estate & Corporate Counsel.
“Shiloh One LLC is a wholly owned entity of Dierbergs Markets, and we have the property under contract currently, and are hopefully moving forward to be closing on it soon, but obviously one of the important steps in the process is to be able to step into the place of the McKee’s entities, and the village staff and Attorney Terry Bruckert have been helping to make that a reality,” Beumer said.
Beumer said while Pace Properties, of St. Louis, Mo., is the court appointed receiver of the property, Dierbergs is actually purchasing the property directly from the McKee entities.
“PACE approved the sale, and has minor involvement in the process, but we are buying directly from the previous developer,” Beumer said.
There are multiple McEagle companies with different names with one address of the McEagle building at 1001 Boardwalk Springs Place, O’Fallon, Mo. The companies are: Shiloh Land Acquisitions LLC, McEagle Properties LLC, Optimus LLC, McEagle Development LLC, Havenhills Investment Company LLC and McEagle Land Acquisitions, LLC.
Beumer said Dierbergs’ plans for the property and the cost of the sale is information he “is not at liberty to disclose at this time.”
“It’s a long time coming and I think people will be happy about it moving forward,” Marquart said.
Beumer said Dierbergs’ “understanding of both the Business District Act and the TIF Act and the redevelopment agreement that was executed is that it would require a public hearing in order for the village to transfer developers under those agreements.”
Local Barber Murphy realtor and Shiloh resident Tony Smallmon attended the meeting Monday. “It’s really good news for everyone in Shiloh, not to mention the future growth it will spur finally,” he said.
Bruckert weighed in on the legal issues involved with the long process of mandated procedure for the transferring of assignment of developer.
“The assignment wouldn’t take place until the December meeting — Dec. 5 at the earliest — so that gives them the time to do their due diligence so they know 100 percent. It would be my recommendation not to approve the assignment until I’m told in writing, ‘yes, it’s a done deal, and we’ve done our due diligence,’ and at that point in time we will move forward with the approval,” Bruckert explained.
To be clear, Beumer and Bruckert said the matter before the board at this time is just to set the public hearing.
“It takes a month and a half to go through this process,” Bruckert said. “And, we pushed it off as long as we did to give Shiloh One LLC and (Dierbergs’) people to do their due diligence.”
At the Nov. 28 committee meeting after the tentative public hearing, a memorandum of understanding going over specific details and figures of the development plans will be ready for review by the board.