The Staenberg Group Shares the Monarch-Chesterfield Levee is One of America’s Best
St. Louis, MO, May 17, 2023 --(PR.com)-- The Staenberg Group, a full-spectrum real estate and development firm, is excited to share that the Monarch-Chesterfield Levee is named one of the best levees in America. The levee is classified as very low risk, the best rating for levees, by the U.S. Army Corps of Engineers (USACE) and Federal Emergency Management Agency (FEMA).
This news comes as the 30th anniversary of the flood of 1993 approaches. At the time, Chesterfield Valley was a rural area with acres of flat farmland when the Monarch-Chesterfield Levee broke. The flood ruined homes and washed-out businesses as muddy waters filled the valley.
The devastation seemed overwhelming to many, but not Michael Staenberg, then Co-founder and President of THF Realty Inc. He saw the potential for a vibrant future filled with businesses, homes, and parks. “During the flood of 1993, I was overlooking the area with my father-in-law,” said Staenberg. “He saw how sad it was, and I reminded him of the positives. I said, when this flood recedes, we have an opportunity to change the valley.”
David Human, then Executive Director of the Monarch-Chesterfield Levee District, and Staenberg worked together on a plan to prevent this from happening again. They funded about $8 million, and the city approved a TIF that had a spending cap of $72.5 million, all of which paid for improvements.
Of this amount, just over $21 million went toward levee improvements, $9 million for stormwater drainage improvements, and $10 million for utility improvements, replacing a 100-year farmer’s levee with an engineered levee that raised it to a 500-year level of protection.
THF Realty’s Chesterfield Commons shopping center prompted the development of the Chesterfield area. It opened in 1999 as the first major new development in the valley, and its success accelerated the TIF’s retirement. The TIF retired 10 years ahead of schedule, at the end of 2007. What’s more, with the partnership of MoDOT, the City of Chesterfield, and THF Realty, the Boone’s Crossing overpass was constructed as the entrance to Chesterfield Commons.
Before the 1993 flood, there were 240 businesses and 3.1 million sq. ft. of development. There are now 909 licensed businesses and nearly 9 million sq. ft. of development as of 2021.
“I’m proud of what we’ve been able to accomplish with a federal government, a county government, the city, and a private developer,” added Staenberg, President of The Staenberg Group. “It’s unusual that these four different groups could create something this substantial.”
"Michael Staenberg has demonstrated his commitment to quality and belief in the City of Chesterfield,” said Mike Geisel, City Administrator for the City of Chesterfield. “He and his staff have contributed greatly to the city, starting with the development of Chesterfield Commons and now with downtown Chesterfield.”
Go to https://levees.sec.usace.army.mil/#/levees/system/5605050001/summary for additional information about the levee. To learn more about developments completed in Missouri by The Staenberg Group, please visit https://www.tsgproperties.com/.
About The Staenberg Group
The Staenberg Group is a full-spectrum real estate and development firm that provides design, management, and leasing of retail, restaurant, and entertainment centers. Beyond development, TSG Properties engages in the communities in which they operate through direct philanthropic gifts with the determination to make neighborhoods stronger, healthier, and more sustainable. For more information, please visit https://www.tsgproperties.com/.
This news comes as the 30th anniversary of the flood of 1993 approaches. At the time, Chesterfield Valley was a rural area with acres of flat farmland when the Monarch-Chesterfield Levee broke. The flood ruined homes and washed-out businesses as muddy waters filled the valley.
The devastation seemed overwhelming to many, but not Michael Staenberg, then Co-founder and President of THF Realty Inc. He saw the potential for a vibrant future filled with businesses, homes, and parks. “During the flood of 1993, I was overlooking the area with my father-in-law,” said Staenberg. “He saw how sad it was, and I reminded him of the positives. I said, when this flood recedes, we have an opportunity to change the valley.”
David Human, then Executive Director of the Monarch-Chesterfield Levee District, and Staenberg worked together on a plan to prevent this from happening again. They funded about $8 million, and the city approved a TIF that had a spending cap of $72.5 million, all of which paid for improvements.
Of this amount, just over $21 million went toward levee improvements, $9 million for stormwater drainage improvements, and $10 million for utility improvements, replacing a 100-year farmer’s levee with an engineered levee that raised it to a 500-year level of protection.
THF Realty’s Chesterfield Commons shopping center prompted the development of the Chesterfield area. It opened in 1999 as the first major new development in the valley, and its success accelerated the TIF’s retirement. The TIF retired 10 years ahead of schedule, at the end of 2007. What’s more, with the partnership of MoDOT, the City of Chesterfield, and THF Realty, the Boone’s Crossing overpass was constructed as the entrance to Chesterfield Commons.
Before the 1993 flood, there were 240 businesses and 3.1 million sq. ft. of development. There are now 909 licensed businesses and nearly 9 million sq. ft. of development as of 2021.
“I’m proud of what we’ve been able to accomplish with a federal government, a county government, the city, and a private developer,” added Staenberg, President of The Staenberg Group. “It’s unusual that these four different groups could create something this substantial.”
"Michael Staenberg has demonstrated his commitment to quality and belief in the City of Chesterfield,” said Mike Geisel, City Administrator for the City of Chesterfield. “He and his staff have contributed greatly to the city, starting with the development of Chesterfield Commons and now with downtown Chesterfield.”
Go to https://levees.sec.usace.army.mil/#/levees/system/5605050001/summary for additional information about the levee. To learn more about developments completed in Missouri by The Staenberg Group, please visit https://www.tsgproperties.com/.
About The Staenberg Group
The Staenberg Group is a full-spectrum real estate and development firm that provides design, management, and leasing of retail, restaurant, and entertainment centers. Beyond development, TSG Properties engages in the communities in which they operate through direct philanthropic gifts with the determination to make neighborhoods stronger, healthier, and more sustainable. For more information, please visit https://www.tsgproperties.com/.
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The Staenberg Group
Michael Staenberg
(314) 513-1500
www.tsgproperties.com/
Michael Staenberg
(314) 513-1500
www.tsgproperties.com/
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