Aero St. Louis nears deal to redevelop property at Lambert Airport
KSDK
December 2, 2009
Lambert-St. Louis International Airport and the St. Louis Airport Commission have signed off on a redevelopment deal at the airport.
The deal would allow Aero St. Louis, LLC (a subsidiary of Aeroterm) the rights to redevelop 76 acres of property with airfield access on the northern side of the airport. The property was once used by the McDonnell Douglas Corporation (a subsidiary of Boeing).
If approved, Aero St. Louis will get two years to begin a multi-phase development for air cargo operations, a freight forwarding facility or a fixed aviation operation. The company would pay a $1.5 million privilege fee once the groundbreaking occurs for phase one. The airport will also recoup additional revenue from ground leases and a percentage of gross revenues, totaling as much as $140 million.
The deal still requires final approval by the City of St. Louis.
Aeroterm deals in the development and management of airport-related properties in North America. Lambert-St. Louis International Airport is ranked the 30th busiest airport in the country by the Airports Council International-North America.
