$1.2B Gateway South Developer Names Broker to Lease Site’s Office Space
Date Posted: June 13, 2024
Posted In: News, Organizations,
From St. Louis Business Journal: The $1.2 billion Gateway South development has named the broker who will work to lease up to 500,000 square feet of planned Class A office space focused on tenants in the construction industry.
Commercial real estate firm CBRE and broker Tom Ray will market the space for lease on behalf of the landlord and developer, St. Louis-based Good Developments Group, the firm said in a news release. The project entails leasing a “wide variety” of tenant uses in the $200 million first phase of the 100-acre master-planned development, including up to 500,000 square feet of Class A office space, along with flex, retail, research and development, a CBRE spokesperson said.
Developers backing the project are seeking to create a new mixed-use, sustainable neighborhood in a historically underutilized industrial area south of the Gateway Arch, is formally called the Gateway South Advanced Building Collaboration District. The project’s $200 million first phase is scheduled to break ground in the third quarter this year and wrap construction on the first phase in the second quarter of 2026, the brokerage said.
The development team, consisting of GDG, Houston-based Vault Partners and Millstone Co., has said it will meet a June 30 deadline from the city of St. Louis to secure financing for the project’s first phase, and a key goal of the next phase is to secure leases from potential tenants, said St. Louis developer Bob Millstone, who joined the development team earlier this year.