Deer Creek Shopping Center TIF & CID
The City of Maplewood is an inner ring suburb of St. Louis that has undergone a significant revitalization over the past two decades. Located at a key entry to Maplewood is the Deer Creek Shopping Center – a 200,000 square foot retail center that was constructed in the 1980’s. When the Summit Group purchased the center in 2011 it was dilapidated and only a quarter occupied.
To finance the redevelopment of the Deer Creek Center, the Summit Group worked with the City of Maplewood to establish both a Community Improvement District (CID) sales tax and a Tax Increment Financing District (TIF) for the Deer Creek Center. Development Strategies was asked to analyze the market for dining and shopping at the Deer Creek Center, estimate the future assessed value of the property, and project sales and property tax revenues that could be generated to support both financing mechanisms. These studies provided critical demographic analysis, competitive analysis, and revenue projections included within the public offering documents for potential bond investors.
Today, Deer Creek Center has been transformed into a vibrant shopping destination with national tenants. New tenants in the center include Ross Dress for Less, Marshall’s, Joann Fabrics, Buy Buy Baby, McAlister’s Deli, and the first Tim Hortons in the St. Louis region.