Build it and they will come – words that apparently apply to the Premier 370 Business Park because a new, large “spec” building has been given the go-ahead by the city of St. Peters.
The city’s Board of Aldermen has approved issuing $12.8 million in industrial revenue bonds to build a 375,200-square-foot facility on 24.65 acres at 1001 Premier Parkway in the business park. The land is owned by a subsidiary of Duke Realty Corp., which is developing the park.
The project is expected to be substantially complete by Feb. 1, 2019. The developer will “seek to sell the project or find one or more tenants to occupy the project” according to the project’s development plan.
The aldermen voted 8-0 at their July 26 meeting to approve a bill to issue the bonds. The facility would be the latest addition to the park, that also will include an Amazon fulfillment center, of more than 800,000 square feet, which may generate more than 1,500 jobs. That project is scheduled to be finished and operational by May 1, 2019.
The park’s other tenants include Best Buy, Dayton Freight, Reckitt Benckiser, SAIA and Grove Collaborative.
The plan for the site notes that the city is not currently offering real or personal property tax abatement on the project; however, it also notes that once a purchaser or tenant is identified “the city will determine if it is desirable to offer property tax abatement.”
On other projects in the park, the city has offered tax incentives, including sales tax exemptions on building materials and property tax abatements. The building of the 496,309-square-foot FedEx facility on 114 acres in the business park prompted the city to offer a 10-year abatement of property taxes up to $5.84 million and involving 10 local tax jurisdictions as well as the state of Missouri.
FedEx will be making payments-in-lieu-of-taxes [PILOTS] to the Fort Zumwalt School District, St. Charles County Ambulance District and others.
Activity at the business park picked up since a lawsuit involving an environmental group, Great Rivers Habitat Alliance, and St. Charles County was settled in 2012 and a debt restructuring issue involving the levee district protecting the business park was settled.
Duke Realty also has spurred activity at the park, with the city authorizing a spec building at 1000 Premier Parkway that became the Grove Collaborative facility.
City officials say interest also has increased due to the arrival of Amazon and FedEx.