Adjusting to the new normal
BOMA Leasing Guide
January 01, 2010

When it comes to the economy, the regional and national mood has dramatically improved since late last year and as the metro area adjusts to the new normal, there are some promising developments to highlight in St. Charles County.

Two of the community’s strongest growth sectors in 2009 were healthcare and government.

For instance, work is underway on a $30 million expansion at Progress West Healthcare Center along Interstate 64/Highway 40 in O’Fallon, Mo. This expansion includes a 40,000-square-foot data center designed to serve the entire BJC system in metro St. Louis and a new 60,000-square-foot medical office building.

In addition, a $28 million, 70,000-square-foot expansion was recently completed at Barnes-Jewish St. Peters Hospital.

Two new LEED registered city halls opened this year in St. Charles County: the $3.4 million, 18,000-square-foot Dardenne Prairie City Hall and the $5.5 million 15,000-square-foot Cottleville City Center with police station.

Work is also nearing completion on the new St. Peters Justice Center, a $17 million, 65,000-square-foot project near Mid Rivers Mall.

At Lindenwood University in St. Charles, construction continues on the $20 million, 119,000-square-foot student commons building.

New senior facilities have also been part of the area’s current construction trend. The $40 million Garden Villas of O’Fallon, a 215,000-square-foot luxury retirement community opened this fall. Earlier this summer, the 53,000-square-foot Assisted Living at the Meadowlands opened in north O’Fallon as an advanced assisted living memory care facility. In Dardenne Prairie, Cardinal Ritter is opening phase one of the St. William Apartments for seniors and a groundbreaking has been held for phase 2.

Several commercial developments are on the horizon, many relying on some form of public assistance. St. Charles County Government recently allocated $22 million in Recovery Zone Bond Financing to a range of local projects including $10 million for a 132,000-square-foot class A office building proposed in Weldon Spring and $6.2 million for preparatory work for the proposed Harbor San Carlos project, a $1.5 billion, 300-acre mixed use development along the St. Charles riverfront.

Meanwhile, a 65,000-square-foot Wingate Hotel has opened in the Missouri Research Park and a 38,000-square-foot Country Inn & Suites is under construction in St. Peters.

With some 550 employees, Fireman’s Fund has recently taken up residence in Progress Point, a new $23 million, 123,000-square-foot building on the Highway 40 corridor in O’Fallon.

All of these projects point to a new normal that is taking hold as the region works its way out of the global recession and looks ahead to renewed signs of growth and opportunity.

BOMA Leasing Guide ©Winter 2010