Reported in the Midwest Real Estate News
Clark Properties was tapped to transform a long-dormant industrial site in Wellston, Mo., into a business park. The Land Clearance Redevelopment Authority acting under the St. Louis County Economic Council selected Clark for phase one of Page Avenue Business Park. The 15-acre parcel will be redeveloped to attract office, commerical and light industrial users to the St. Louis suburb.
The development is located on the former site of Wagner Electric Co. It is centrally located off Page Avenue with easy access to Interstate 170, Interstate 70 and Highway 40.
The development area is located in the federally designated Greater St. Louis Regional Empowerment Zone, qualifies as a federal Historically Underutilized Business Zone and is designated a State of Missouri Enterprise Zone and a Missouri Rebuilding Community.
Redevelopment was spurred by a $1.9 million grant from the U. S. Department of Commerce-Economic Development Adminstration and approximately $3 million in brownfield remediation tax credits from the state of Missouri.
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