Des Peres expected to OK Edward Jones $260M expansion in August
St. Louis Business Journal - 9:49 AM CDT Monday, July 23, 2007Edward Jones' $260 million expansion plan is expected to receive final approval Aug. 13 from the city of Des Peres, Mo.
Edward Jones presented its plan Monday to the Des Peres Board of Aldermen and reached a tentative agreement. Under the deal, the city and Edward Jones compromised on several key points, including a significant reduction in the square footage of the project.
The tentative agreement calls for the planned size of the addition to shrink to 225,000 square feet from 291,000 square feet, a 23 percent overall reduction. The space cut includes reducing the office space to 183,600 square feet from 241,000 square feet, as well as reducing the auditorium and conference rooms from 41,400 square feet to 50,000 square feet.
Edward Jones officials said in a release that assuming the city approves the plan as expected Aug. 13, the firm expects construction of the addition and garage to begin in early 2008 and be completed by mid-2009.
The city's Board of Aldermen delayed approval of the proposed expansion plan last month.
Edward Jones' expansion plans, announced in October 2006, include creating at least 1,000 jobs in the next decade and building up to $260 million worth of office space and parking garages in St. Louis County in the next five years. The plan is spurred by state and county incentives and projected company growth.
St. Louis-based Edward Jones is an investment brokerage and financial services firm, and employs about 3,500 locally.
