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FLORISSANT — After standing vacant for a year and a half, the old Value City site on North Lindbergh Boulevard has new life.

The building at 2394 North Highway 67 — or Lindbergh — was shuttered after Value City Department Stores filed for bankruptcy protection in October 2008 and closed many of its stores across the nation.

Now, three tenants — all part of national chains — are tentatively scheduled to move in.

The owner and developer of the property is National Retail Properties, a publicly traded Florida-based real estate investment trust that owns 1,015 properties in 43 states. Two tenants are expected to be Best Buy and PETCO, said David Reif, vice president of leasing for National. Reif said he was negotiating with three other companies for the third spot.

"We’ve been very pleased with the interest," Reif said.

In this economic climate, Reif said, more companies are looking to convert existing buildings rather than build on the metropolitan area’s edges.

"I think because there is no substantial new development occurring, existing buildings are being looked at very strongly by retailers for their expansion plans," Reif said. "Often it cuts down costs, and you’re not relying on new residential growth. You’re relying on existing population. There’s certainly much larger certainty of what sales projections will be."

The shopping center lies in a stretch of retail centers that extend for miles along North Lindbergh. A Target store is immediately south of the building, Aldi’s is on the north.

Construction would start within 90 days of the city issuing permits and would need to be completed within 360 days.

The project is moving quickly through Florissant’s approval process. The Planning Commission on April 19 recommended approval for the project.

Rich Obertino of TR,i Architects presented the plan to the commission. Brinkmann Constructors is slated to be the builder.

The City Council on May 24 introduced a bill for the rezoning that has strong support. The council could approve the bill June 14.

Mayor Robert Lowery said the city welcomed the project.

"This administration worked very, very hard to bring in new development here, with the cooperation of the shopping center ownership," Lowery said. "It’s not only the mayor, it’s the whole team."

Under the plans, the existing 92,000-square-foot building will be renovated and redesigned. A new brick facade will be built.

Two tenants will split the existing space, Obertino said. An almost 13,000-square-foot addition will be built in Value City’s garden center area for the third tenant.

"We’ll also redo the parking and parking islands and lights," Obertino said. "Everything will look brand new when it’s done."

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