CLAYTON — Global footwear company Caleres, hot off a record year of sales, has struck a deal to have a new developer buy its Clayton headquarters after previous plans with a different buyer fell through.
Local development firm Pier Property Group confirmed it has Caleres’ 9-acre campus at Maryland Avenue and Topton Way under contract to buy. The developer is planning a large-scale project with apartments, retail, entertainment, office space and a hotel, said Pier Property Group owner Michael Hamburg. He declined to comment further.
His plan is similar to what the previous buyer, Overland-based CRG, the local development arm of construction company Clayco, had envisioned for the site when it announced its project last year. That plan, estimated to cost $500 million, would have built a smaller office for Caleres while also bringing in housing and luxury amenities like a LifeTime fitness facility.
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It’s not clear why that deal no longer is moving forward. Caleres referred questions to CRG, who did not respond to a request for comment.
Caleres, formerly known as Brown Shoe Co., has marketed its headquarters for sale since 2021 in hopes of cashing in on the competitive demand for Clayton’s real estate that often commands the ºüÀêÊÓƵ’ region highest prices. The company also looked to reduce its footprint — its campus includes two office buildings totaling 341,000 square feet — after the coronavirus pandemic that changed businesses’ needs. Caleres also employs fewer people in Clayton compared to a decade ago. It still, however, remains one of Clayton’s biggest employers.
Hamburg said he approached Caleres to acquire the site and that his redevelopment plan is still in the early stages. He declined to comment on a timeline or next steps. His Pier Property Group has built several apartment developments across the region, including in Maryland Heights and one in the city of ºüÀêÊÓƵ that nationwide retailer Target Corp. is anchoring near ºüÀêÊÓƵ University.
Caleres said last year that the deal with CRG hinged partly on whether Caleres could receive state and local incentives. Mark Schmitt, Caleres’ senior vice president and chief logistics officer, said in a statement that the company still intends to stay in Clayton and referred all other questions to CRG.
Mayor Michelle Harris said the city had only a few conversations with CRG and that the developer never submitted an official application of redevelopment with Clayton.
But Harris said Clayton sees a silver lining in the CRG deal not moving forward: The city is embarking on a new master plan and can have more opportunities to weigh in on best uses for the property.
“We really enjoy having Caleres, being home to Caleres and hopefully that continues,†Harris said.
Caleres, meanwhile, reported its best financial year in its 144-year history this week with revenue for fiscal year 2022 up 6.9% to $2.9 billion over the previous year.