HAZELWOOD • With speculative logistics space under construction throughout the region, NorthPoint Development is considering building a new industrial park north of the St. Louis Outlet Mall.
The low-lying land in the Missouri River flood plain is northeast of the mall and the existing warehouses in the Park 370 Business Center. It’s mostly used as farmland now and is probably as close as developers can get to the river without a new levee.
“You can theoretically raise all that out of the flood plain,” said David Cox, Hazelwood’s economic development chief. “That’s the last bit we think can be developed without a levee.”
The new park, if approved and constructed, would be about the size of the 165-acre Hazelwood Logistics Park to the east, Cox said. There, NorthPoint has been building warehouses at a frantic pace. Cox said the company plans to start its seventh and eighth warehouses in Hazelwood Logistics by the end of the year.
Since taking over the park in 2015, which had stalled under developer Paul McKee, NorthPoint has quickly built it out and become a major player in St. Louis’ industrial real estate market.
Retail behemoth Amazon’s first Missouri facilities will lease two buildings the company built there, and NorthPoint plans to start the seventh and eighth warehouses in the park by the end of the year.
After that, Hazelwood Logistics Park will be entirely built out, which is why NorthPoint may be looking at developing a new industrial park, Cox said.
The Hazelwood City Council is set to vote on a resolution Wednesday night that would start the negotiation process with the developers.
The resolution indicates incentives to aid the developer are on the table. Cox said it’s still early in the process and unclear what incentives the city will offer.
Hazelwood has been aggressive user of development subsidies. The existing Hazelwood Logistics Park offers developers 10 years of full property tax abatement and seven years at 50 percent. Another, the Aviator Business Park, offers developers 25 years of property tax abatement (10 years of full abatement and 15 years at 50 percent).
Like the adjacent mall and industrial park, Cox said a significant amount of fill dirt will need to be used to raise the proposed industrial park out of flood-prone land.
It’s unclear which land exactly NorthPoint is eyeing. Cox said there are several owners in discussions with NorthPoint. A representative from NorthPoint didn’t immediately respond to a message Tuesday.
– Jacob Barker
St. Louis Post Dispatch
Date: October 31, 2017
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