ST. LOUIS COUNTY, MO-A 136-room Hilton Garden Inn will be constructed at the 550-acre mixed-use NorthPark development. The $500-million project is being developed by NorthPark Partners, a joint venture of McEagle Properties of O'Fallon, MO and St. Louis-based Clayco. Inc. The redevelopment is adjacent to Lambert International Airport and University of Missouri-St. Louis at the northeast corner of Interstates 70 and 170 in the cities of Kinloch, Berkeley and Ferguson.
The $12-million hotel project will be developed in conjunction with St. Louis-based Lodging Hospitality Management. The four story hotel will have a total of 87,650 sf including a restaurant and a 5,000-sf conference center attached to the hotel.
The hotel is a great amenity in marketing the development, says Jim Eisenhart, VP for McEagle Properties. “With the position of the university and position of the airport, some of the key players that we are working with do quite a bit of traveling,” Eisenhart says.
A 90,000-sf building being leased by Vatterott College was just completed with classes starting next month. The joint venture also constructed a 315,000-sf building for Express Scripts in a small annex to the NorthPark site. The Express Scripts corporate headquarters at 8555 University Pl. was acquired, this summer, by Triple Net Properties LLC on behalf of tenant-in-common investors, as reported by GlobeSt.com. Both buildings were LEED certified, Eisenhart says. The Express Scripts building has native plants for landscaping that need less water.
Construction is getting under way on a three-story 150,000-sf speculative office building. The office project is valued at $28 million to $30 million, as previously reported by GlobeSt.com. The developers will also try to achieve LEED certification for the speculative building and the building will have a raised floor which “cuts down on the energy required to heat and cool the building,” he says. The quoted rate will be $14 per sf net or $22.50 per sf to $23.50 per sf, full-service. The building could accommodate one to five tenants. NorthPark has seen a lot of interest from office users, particularly larger users of 50,000 sf and more, Eisenhart says. There have been no leases signed yet but the joint venture is in negotiations with possible tenants, including one that is interested in 150,000 sf. Future plans for the park may include another speculative office building. “I see more office development happening. The building type might vary in size,” he says.
NorthPark is replacing a former residential subdivision that was originally purchased for the airport more than 20 years ago. When NorthPark is fully developed it is expected to have up to 5.5 million sf of light industrial, office and retail space. The completed development is expected to create more than 10,000 jobs for the region, Eisenhart says. Economic experts estimate the property will generate a $7-billion impact on the surrounding cities and county.
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