ST. LOUIS–A Kansas City developer met virtually with Wildwood city officials Thursday to discuss broad outlines of a $236 million business park on the border of Wildwood and Chesterfield. NorthPoint Development wants to bring a nine building business park to the corner of Centaur and Eatherton Road.
According to a timeline presented to city officials, the official proposal could be submitted as early as March, and if approved in August, phase one of the total 2.5 million square foot project could be open by July of 2023.
NorthPoint said it plans to use what’s known in Missouri economic development parlance as Chapter 100 tools for property tax abatement. Under a “triple net lease, potential tenants would pay those taxes and not the developer.
Company representatives said using tools like this is part of the cost of doing business in the region pointing to similar developments in Wentzville, St. Peters, Hazelwood and Maryland Heights, among others.
“Every single one of these developments has some type of Chapter 100. Not only is it commonplace in the market, it’s almost required to get a tenant to occupy these parks,” Jed Momot, NorthPoint’s Chief Strategy Officer said in the meeting of the Wildwood Development and Zoning review committee, which was streamed on YouTube.
The project will also require approvals from MSD, the City of Chesterfield and the Rockwood School District among other stakeholders.
NorthPoint says the project could create up to 1,300 jobs.