Groundbreaking for Fenton Logistics Park
Date Posted: October 17, 2016
Posted In: Projects,
KP Development, the St. Louis-based developer aiming to breathe new life into the former Chrysler Assembly Plant in Fenton, Mo., will mark a significant milestone as company representatives join with local leaders and other key stakeholders to break ground for the first building in the much anticipated Fenton Logistics Park.
Representatives from KP Development, St. Louis County Executive Steve Stenger, Fenton Mayor Mike Polizzi, members of the Fenton Board of Aldermen, members of the project team and other invited guests will gather for a groundbreaking event to celebrate the start of construction on the first new building to be part of Fenton Logistics Park on the site of the former Chrysler Plant.
Fenton Logistics Park
Located on Mraz Road in Fenton
Thursday, Oct. 20, 2016 at 10:00am
Since closing on its acquisition of the Chrysler site in November 2014, KP Development has already invested $10 million in site improvements and had been working to line up the local and state incentive packages necessary for the project to continue to advance. Those efforts came to fruition with the recent approval by the St. Louis County Council of Tax Increment Financing (TIF) funding for the redevelopment, and approval is anticipated later this year for state supplemental tax increment financing assistance. That public support is paving the way for KP Development to move forward with the next phase of development as the first new building starts to take shape in what will ultimately be a $222 million, 2.1 million-square foot business park.
Bordered by I-44 and strategically situated near the I-44 and I-270 interchange, the Fenton Logistic Park site also abuts existing rail access, offering a convenient, easy-to-access Midwest location. It also has the added advantage of a strong and existing workforce. As the local market continues to gain traction as a key Midwestern warehouse and logistics hub, the Fenton Logistics Park will provide new and expanding companies opportunities to establish roots for the next several decades. As it is built out and additional tenants are lined up, Fenton Logistics Park is expected to feature nearly 1.2 million square feet of manufacturing, logistics and warehouse space; 480,000 square feet of office/warehouse and flex space; 182,500 square feet of retail, restaurant and hotel space, and 105 acres of land owned by the BNSF Railway for anticipated additional railroad services. The overall development has the potential to result in 2,500 – 3,000 permanent jobs, pumping an estimated $135 million in wages to the region. The actual redevelopment of the site is also expected to create 500-750 construction jobs over the next several years.