Fri, Dec 04, 2009
Aeroterm Is Waiting For Final Approval On Development
Rights
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."
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