Scottrade seeks tax credits for expansion
St. Louis Business Journal
Thursday, September 10, 2009
by Kelsey Volkmann
Scottrade Inc. is seeking up to $2.5 million in state tax credits to help finance a new parking garage for its $36.3 million expansion in Town & Country.
Through the BUILD Missouri program, Scottrade is eligible for up to $2.5 million in tax credits over the next 10 years to help offset the cost of building a 138,000-square-foot, 700-spot parking garage at the Maryville Centre.
In exchange, Scottrade promises to add 500 jobs over the next five years in St. Louis County, said Kelly Doria, a company spokeswoman.
Some of the financial incentives will be used to renovate a 25-year-old building at 500 Maryville Centre, but the tax credits will be primarily used for the parking garage, she said. Doria declined to disclose the total cost of building the structure.
The Missouri Development Finance Board will consider the tax credits for Scottrade at its meeting Tuesday in Jefferson City. Scottrade is expected to make a presentation about its expansion project at the meeting, said Robert Miserez, executive director of the MDFB. The company is expected to start construction this fall and complete the project in 2010, he said.
In March, Scottrade closed on the purchase of the four-story, 165,000-square-foot office building at 500 Maryville Centre, and a five-story, 215,000-square-foot office building at 700 Maryville Centre Drive for an undisclosed sum from Duke Realty Corp. The two parcels of land total 14 acres.
Maryville Centre is an 11-building office complex along the Interstate 64/U.S. 40 corridor adjacent to the Maryville University campus.
Scottrade is always looking for opportunities to expand elsewhere but prefers St. Louis County, Doria said.
St. Louis-based Scottrade, led by President and CEO Rodger Riney and headquartered near I-270 and Manchester, is an online investment brokerage and one of the area's largest privately held companies, with 2008 revenue of $782 million.
