Osage Beach Outlet Mall Under Contract! Developer Planning Family-Friendly Recreation & Restaurants

OSAGE BEACH, Mo. — The Osage Beach Outlet Mall is under contract to be sold. And the investor group planning to buy it, which includes local developer Gary Prewitt, says they have plans to redevelop it with family-friendly entertainment, restaurants, and retail.

The announcement by the buyers comes amid a flurry of economic activity in Osage Beach: the groundbreaking for the city's biggest residential development in 20 years took place earlier this month, and the City of Osage Beach is working with developers who have plans to build a $300 million entertainment oasis next to the Grand Glaize Bridge. For many, the outlet mall has been a worrying spot amid an otherwise brightening economic landscape in the community.

Once the economic epicenter of the Lake area, the outlet mall's draw to visitors was surpassed only by the Lake of the Ozarks itself. But in the past decade, the mall has been in decline, with droves of retailers leaving in the last few years. Now most of the sprawling complex sits empty, with many areas in need of significant repair. The investor group says they have plans to change that, and said those plans would be presented to the community this spring.

Prewitt is among the most prolific commercial developers at the Lake: his projects include Prewitt's Point (Hyvee to Lowe's) and Eagles Landing (Menards, Kohls, etc), as well as Backwater Jack's and Shady Gator's restaurants.

The mall — owned by Simon — had formerly been under contract, from November of 2021 through the summer of 2022, with locally based Horizon Development and Kansas City based Legacy Development pitching plans to the city. Negotiations over a proposed Tax Increment Financing Plan came to an abrupt halt, however, and the group's contract to purchase the mall expired. Mayor Michael Harmison told Lake Expo earlier this year that he was aware of multiple parties who were interested in buying and redeveloping the mall.

The investor group issued the following announcement on Thursday, March 23:

Local businessman and commercial real estate developer, Gary Prewitt, has teamed up with a group of Missouri investors to revitalize the Osage Beach Outlet Marketplace.

Prewitt has been working with the owner and the City of Osage Beach and intends to present a development plan this spring that will include family friendly recreation opportunities mixed with dining establishments and premium retail stores.

When asked about the project, Prewitt said, “I have fond memories of the Outlet Mall being one of the top shopping destinations in Missouri. It has always been vital to the Osage Beach community, and I hope to help make it once again the premium shopping and entertainment destination at the Lake.”