FOR IMMEDIATE RELEASE
ST. LOUIS – Green Street St. Louis held a groundbreaking ceremony Tuesday, November 10 for the construction of Building I at River City Business Park located at 230 Carondelet Commons Boulevard. The 125,000 SF building is the first of five (5) buildings planned for the new 725,000 SF business park located north of River City Casino along South Broadway.
The more than 40 attendees heard comments from Green Street Managing Principal Phil Hulse, City of St. Louis Mayor Francis Slay, and St. Louis 11th Ward Alderman Thomas Villa.
Phase 1 of River City Business Park will cost approximately $14 M and is designed for as many as four tenants but could be configured for a single occupant as needed. The building and location is ideal for light industrial, manufacturing and flex/office space. The building was designed by M+H Architects and is being built by Green Street Construction.
“Our focus at River City Business Park is to create state of the art real estate solutions for companies to grow their business,” said Phil Hulse.
The project received a $6 million New Market Tax Credit allocation through Central Bank of Kansas City with US Bank CDC serving as the tax credit equity investor. Protective Life Insurance is the overall project financial partner with Midland States Bank and the Carpenter’s District Council providing construction and infrastructure financing. The Carpenter’s District Council provided interim financing.
River City Business Park is the $70 million redevelopment of the former Carondelet Coke site located next to River Des Peres. Now a fully remediated Brownfield site, the 54-acre business park will offer new sustainable, suburban-like amenities in an excellent, urban location. One of the largest pieces of vacant ground located within the City of St. Louis, it has been a top priority for the city for some time.
“The significant public and private investment means that this old eyesore can soon become a business park that will again generate jobs and commerce for the City of St. Louis,” Mayor Francis G. Slay said.
Green Street expects completion of Building I in January 2016. For more information on River City Business Park or Green Street St. Louis, please visit www.greenstreetstl.com or call (314) 726-2500.
About Green Street St. Louis Green Street St. Louis is a commercial real estate development company delivering more than traditional real estate by ensuring that its projects maximize value for its entrepreneurial- minded clients: aligning with their culture and making them a better company. Green Street believes each building it develops is an opportunity for its clients to truly distinguish themselves and transform their business. Green Street’s satisfaction comes from applying its innovative real estate approach to provide business solutions making its clients more successful and the neighboring communities flourish.
Media Contact: Liz Austin, 314-726-2500, firstname.lastname@example.org