ST. LOUIS COUNTY, Mo. — A real estate developer is demolishing a closed manufacturing facility in north St. Louis County and building a speculative industrial warehouse in its place.
St. Louis-based Summit Real Estate Group has closed on a purchase of a 14.35-acre industrial site at Interstate 170 and Page Boulevard in Vinita Park. A purchase price was not disclosed. The city of Vinita Park granted the developer 25 years of tax incentives for the demolition of an existing manufacturing site at the property to build the new ground-up development project known as Crosstown Logistics Park. Only one building is planned to be built at Crosstown, a single multi-tenant warehouse building with a size of 244,000 square feet.
The site, at 2100 Walton Road, was previously the location of an 82,318-square-foot factory for Toyota subsidiary Bodine Aluminum. The Vinita Park factory closed in 2018, with 88 workers offered jobs in the company’s plant an hour away in Troy, Missouri. The Bodine building had been built in 1970 and last sold in 1990 for $3 million. The current appraised value from St. Louis County is $281,700, down from $885,000 in 2016.
Construction is slated to start in the first quarter of 2022 and finish by the fourth quarter. The tax abatement granted to the site by the cities of Vinita Park and Overland under the Chapter 353 program will freeze the site’s property taxes for 10 years, then provide a 50% abatement for years 11 through 25. The property is in the Ritenour School District.
With a population of 733,343 within a 20-mile radius and a 5-minute drive to St. Louis Lambert International Airport, Summit said it bought the site because the infill project offers ideal access and a far-reaching distribution network. The suburban infill location has immediate access to I-170 and is 2.8 miles away from Interstate 70, 6.4 miles from Interstate 270 and within eight miles of Interstate 64. Accessibility to the site is even easier because of the multiple points of car and truck access off both Walton Road and Chapin Industrial Drive.
Click here for the full story.
