Pier Property Group (PPG) has acquired 4.9 acres of land from CRG to build a luxury apartment community within Wildhorse Village, an 80-acre mixed-use development in the St. Louis suburb of Chesterfield, Mo.
Located at 350 Wildhorse Lake Blvd., The Flats at Wildhorse Village will be a four-story, 266-unit building. Construction is to commence this quarter.
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“We have watched the national trend of increased rental housing demand across a wide demographic for several years,” Michael Hamburg, owner of PPG, told Multi-Housing News. “The St. Louis region is now seeing the same boom in development. Chesterfield checks all the boxes for a luxury renter. And CRG planning such a vast master development around The Flats creates an urgency to provide additional quality housing.”
The Flats at Wildhorse Village is designed by architects Arcturis and LJC. It will be constructed by Holland Construction Services. Its exterior will resemble townhomes, with balconies and open terraces investing the façade with depth and activity.
Unit mix will be made up of studio, one-, two-, and three-bedroom luxury residences. Features and finishes of the units will include tile shower surrounds, glass shower doors, stainless steel appliances, custom flooring and unobstructed views. The four floors of the apartment community will wrap around an interior courtyard offering a large-scale pool, deck with grilling stations and firepits.
Construction is slated to be complete in the summer of 2023.
“The only thing holding us back is time to market,” Jeff Tegethoff, operating partner at CRG, told Multi-Housing News. “If we could deliver The Flats at Wildhorse Village today, we could satisfy the robust demand that already exists in the market.”
The Flats at Wildhorse village was designed and estimated during 2021, Hamburg said. “Initially, we faced severe fluctuation in lumber pricing, but then virtually all other commodities started to show signs of impact,” he added. “Fortunately, viewing the success of recently completed Wildhorse Apartments and increased rental rates across the region helped mitigate these concerns.”
Upon completion, Wildhorse Village will provide several housing alternatives. Featured are two rental communities comprising 500 apartment units, as well as 104 condominium residences, 72 townhomes and 35 single-family residences. Almost one million square feet of commercial office, retail and restaurant space will be part of the mixed-use community. A 15-acre lake at the village’s center will be encircled by publicly-accessible green space offering trails and waterfront amenities.
The development will be located near major Chesterfield employers, among them Pfizer Inc.; Mercy Healthcare; and Bayer. Nearby are the Samuel C. Sachs branch of the St. Louis County Library, Chesterfield Family YMCA, J Chesterfield Gym & Fitness Center, Faust Park and Chesterfield Family Aquatic Center.