As reported by Tim Logan of the St. Louis Post Dispatch, July 2, 2013:
The long-awaited redevelopment of the old Carondelet Coke site in south St. Louis could begin by year’s end.
An executive from Green Street Properties, which wants to turn the old industrial site into a business park, said his group is close to landing a first tenant and wants to start construction late this year or early next.
Brian Pratt, vice president for development for Green Street, said the firm has “a pending letter of intent for one building, and preliminary interest” for others.
“We’ve now reached a stage where we can deliver buildings and attract jobs and investment,” Pratt told a subcommittee of the St. Louis Board of Aldermen Tuesday.
He was there seeking the committee’s blessing on $7 million in tax increment financing to build an access road for the $70 million project, which sits off South Broadway just north of the River Des Peres. The Housing, Urban Development and Zoning Committee voted to recommend the TIF, sending the measure on to the full board.
At 54 acres, Carondelet Coke is one of the largest pieces of vacant land in St. Louis City and redeveloping it has been a top priority for city officials. Cleaning the site cost $13.2 million far more than initially anticipated — most of it paid for with brownfields tax credits from the state of Missouri. That work is now largely done, and Green Street is trying to line up tenants.
Pratt said the company envisions production and manufacturing companies on the site, which could house about 400 jobs within five years.
“We think once we have one building in place we’ll very quickly have other commitments,” he said. “Having that first tenant in place is key.”