United Services for Children has partnered with the City of Lake Saint Louis and New York-based Cohen Equities to lay the groundwork for a possible new children’s museum at The Meadows of Lake St. Louis.
JLL Retail Expert Rick Spector, broker for The Meadows, confirms that Cohen Equities has offered to give United Services for Children three acres in the retail center located just east of Interstate 64. City officials have pledged to convert two adjacent acres into a park for museum goers and the public. The combined value of both tracts is approximately $2.5 million. The museum must secure significant private contributions in order for the project to move forward.
Lake St. Louis Mayor Kathy Schweikert said the city is thrilled to have been selected as the site for the proposed museum. “This will be a fantastic amenity for the residents of Lake Saint Louis and the entire metro area,” she said. She also added that The Meadows’ central location went hand in hand with the city’s comprehensive plan to make the retail center a “destination area for residents and visitors.”
Entertainment Tenants Deliver Fun
Entertainment tenants are playing a bigger role in shopping centers, according to Empty to Alive, a new retail report by JLL that highlights how tenants are igniting new interest and traffic in malls across the U.S. Entertainment options including theaters, amusement centers, bowling alleys and museums like the one proposed for United Services for Children are becoming integral to help to backfill vacant space left by former department stores. Between 2007 and 2016, inline retail space occupied by food and entertainment grew from 17.5% to 21.4%.