HAZELWOOD, Mo. — Hazelwood City Council is set to review incentives for a new industrial project from Green Street.
On Wednesday, the council will review a request for Chapter 100 bonds for a development at 8930-8940 Pershall Road, near Interstate 270 and Dunn Road, according to city documents. Chapter 100 bonds, if granted, would give sales tax exemption on the roughly 5-acre property.
It's not clear what Clayton-based Green Street is planning for the site. Company officials declined to comment.
The developer acquired 8930-8940 Pershall Road in 2012 from Baron Real Estate for $495,000, according to real estate data firm Reonomy. Green Street also owns another adjacent property at 8900 Pershall that is not going before the council.
The Pershall development is the latest industrial project for Green Street. It's also behind the roughly $69 million River City Business Park, at the former Carondelet Coke site in St. Louis city, and St. Louis Business Park in North City.
The north St. Louis County industrial market is the largest submarket in terms of square footage across the entire St. Louis region. It reported a 7.9% vacancy rate and lease rates between $4.01-$5.86 per square foot, according to the latest data from Cushman & Wakefield.
Overall, the metro area had an average vacancy rate of 5.8% and lease rates between $4.46-$5.06 per square foot, Cushman data from the second quarter shows.
