(St. Louis) Lambert-St. Louis International Airport and the St. Louis Airport Commission have signed off on one of the most significant airfield development transactions in the Airport’s history. The development agreement still awaits final approvals by the City of St.Louis.
The development agreement gives Aero St. Louis, LLC (subsidiary of Aeroterm) the right to develop 76 acres of airport property with prime airfield access. The property is on the northern side of the Airport’s airfield and is the former manufacturing and office complex of the McDonnell Douglas Corporation (subsidiary of The Boeing Corporation).
Once fully approved, the development agreement gives Aero two years to begin the multi-phase development plan for such uses as air cargo operations, a freight forwarding facility or a fixed based aviation operation, as well as non-aeronautical uses compatible with airport operations.
The agreement requires the developer to pay a $1.5 million privilege fee upon the commencement of the first phase of development in addition to all costs related to new construction and the rehabilitation or demolition of existing facilities on the property. Lambert will also realize new revenues from ground leases, a percentage of gross revenues and additional aviation activity associated with future operations on the development site. Aero’s investment could total $40 million if all phases of the redevelopment plan are fully delivered. “The completion of this agreement is the result of the Airport’s initiative to develop our property assets and create additional sources of revenue to support airport and airline operations,” said Richard Hrabko, Director Lambert-St. Louis International Airport. “Lambert is an important economic generator to the region and this agreement has the potential to create jobs and opportunities for growth in the entire region.”
Aeroterm is a leader in the development and management of airport related properties in North America with 120 facilities in 35 markets including Chicago, New York, Miami, Houston and Montreal. Aeroterm was chosen to develop the Lambert property by a Request for Proposals process.
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