Maryville takes first steps to set new business, TIF districts to allow for major village developments in Town Center
The south end of Maryville is where big development plans are scheduled to take place. This aerial shot shows the northwest side of the Route 159-Interstate 55/70 interchange (bottom right) (Image courtesy of Google Earth)
Public hearings set for March 11 and May 6 at village hall on matters related to Town Center Project
By Kathy Turner*
The Maryville Village Board on Wednesday, March 4 approved an ordinance that is the first step in moving forward with a project long in the making. The board approved the ordinance establishing a tax-increment financing (TIF) District and a Business District Law Redevelopment agreement with Maryville Town Center, LLC.
The agreement covers an area of approximately 1,028 acres designated as the Maryville Town Business District on the south end of the village. Maryville Town Center, LLC plans to bring commercial, single and/or multi-family residential and mixed-use construction to the village. Route 159 is the eastern border while Interstate 55-70 forms the southern border. Pleasant Ridge Road forms part of the western edge while the Madison County Transit’s Schoolhouse Trail is the northern border.
For many years, the lone road in the development, Maryville Town Center Drive, allowed access to St. John Neumann Catholic School, Our Lord’s Lutheran Church, Elmwood Nursing and Rehab and the Collinsville-Maryville-Troy YMCA.
While final details have not been agreed upon, the site will feature the following zoning – commercial, mixed-use, community use, along with possible residential.
Estimated cost with 2026 pricing for the total project is in excess of $168 million. As part of the agreement, the board agrees to share some costs during development with Maryville Town Center, LLC. These costs will be recuperated with the economic impact of the development of the village in the future. The current assessed valuation of the project property is $2,615 in property taxes. It is estimated that the development could provide an economic impact of between $60 million-$70 million.
As stated, this is the first step for the project. A redevelopment agreement outlines that the village will complete their steps that include any ordinances, resolutions, public meetings and zoning changes as early as June of this year. It is anticipated that a final project plan will be completed by June 2027 with some commercial construction beginning by December 2027. Residential construction will follow as early as 2028.
The project outlines 340 new multi-family residential units and minimally 154,000-square-feet of retail and/or dining. There is also potential for single-family residential units.
There will be two hearings at village hall, 2520 N. Center St. on March 11, one to amend the village’s comprehensive plan at 5 p.m. and the other to discuss the Maryville Business District Plan at 5:30 p.m. In addition, the board authorized a second public hearing at village hall for May 6 at 5:45 p.m. At that time, the public will have the opportunity to review the proposals for the redevelopment plan.
*Editor Charles Bolinger provided some additional information for this article.
