Premier 370 Has First Tenant
By: Eric Becker //
November 19, 2008
Though the posturing and squabbles over Premier 370 may not have entirely fizzled out, the city of St. Peters is celebrating a victory in the project\'s development: the first tenant has signed on to build 30,000 square feet of facilities on an 18-acre tract on the south side of Premier Parkway South and west side of Executive Centre Parkway.
With FEMA\'s Oct. 30 approval of the city\'s Letter of Map Revision that cleared the way for those building on the property to secure federal flood insurance, Dayton Freight Lines Inc. received hasty site plan approval from the city\'s Planning and Zoning Commission Nov. 5. The plan does not need approval from the city\'s Board of Aldermen, according to Julie Powers, the city\'s director of planning, community and economic development, meaning construction may begin shortly.
\"We\'re hoping to break ground next spring and have it finished in the fall,\" said Tom Cronin, president of Dayton Freight.
Cronin admitted the economic disaster that has plagued the nation might interfere with the timetable, but said he was remaining optimistic.
Dayton Freight operates in 11 Midwest states, and its new facility, which will include more than 23,000 square feet of truck terminals, is estimated to bring 75 jobs to St. Peters, with the possibility of up to 150 dependent on future growth. That\'s welcome news in a year that the county has shed hundreds of jobs and registered unemployment rates not seen since the early 1990s.
\"Premier 370 as a development area is key to job growth or the future of job growth in St. Charles County,\" said Greg Prestemon, president of the Economic Development Center of St. Charles County.
Dayton Freight had contacted the EDC two years ago about moving into St. Charles County.
Economic development and commercial real estate professionals alike have said in the past Premier 370 is important to growth in the county.
In May, Keith Schneider of Colliers Turley Martin Tucker in St. Charles characterized the project as a \"much-needed business park,\" saying the St. Louis region was quickly running out of area to expand.
Prestemon seconded that opinion.
\"There will be 900 or so acres of this land that is basically ready for development - and that\'s rare to have that kind of land base available any place in the St. Louis area and probably the Midwest,\" he said.
Prestemon said Dayton Freight\'s decision to move in opens the door for other companies to come in.
\"It lowers the perceived risk for future tenant companies for purchasing land,\" Prestemon said, citing the comfort that comes to businesses when they see others move in.
St. Peters Mayor Len Pagano said two other large facilities were in the pipeline, but declined to mention them by name because the deals were not yet complete.
\"My goal has been jobs, jobs, jobs and this is what this is all about,\" Pagano said.
Pagano said the infrastructure in the business park was ready for development, meaning little groundwork will need to be done for Dayton Freight to begin construction.
Pagano hailed the development as a great asset for the county, saying it had the potential to shore up property tax revenue at a time when the county was having trouble paying its bills because of precipitous sales tax revenue declines.
The privately owned Dayton Freight is an LTL trucker, which stands for less than truckload, referring to the relatively small freight the company handles as opposed to semi trailers. The company is based in Dayton, Ohio.
Pagano said Dayton Freight\'s commitment was good news amid a rough patch in the economy.
\"With today\'s economy, this is a true light at the end of the tunnel,\" he said.
Originally Published
Tuesday, November 18, 2008
St. Charles County Suburban Journal
