Wednesday, June 4, 2008 - 4:04 PM CDT
$5M in tax credits approved for redevelopment of former Hazelwood Ford plant
by Matt Allen
Aviator Business Park LLC was approved for up to $5 million in tax credits to redevelop the former Ford assembly plant in Hazelwood, Mo., into commercial and industrial space as part of a project that is expected to create 296 new jobs, Gov. Matt Blunt announced Wednesday.
Sacramento, Calif.-based Panattoni Development Co., which put the 155-acre property on North Lindbergh Boulevard under contract in January, plans to build 11 new buildings totaling about 2.6 million square feet of commercial and industrial space.
The $5,023,272 in remediation tax credits from the Missouri Department of Economic Development were approved through the Brownfield Redevelopment Program. The program provides financial incentives for the redevelopment of commercial or industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized. The property has soil and ground water contamination as well as asbestos-containing materials.
In addition to the commercial and industrial space, Panattoni will construct parking lots and related site improvements, according to a March release from the city of Hazelwood. The development will primarily be used for light industrial, warehousing and distribution spaces.
Dearborn, Mich.-based Ford Motor Co. (NYSE: F) closed the facility in Spring 2006.
Though Panattoni did not disclose the purchase price of the property, real estate sources put the price tag at more than $50 million.
Panattoni designs and builds offices, warehouses, industrial buildings, retail buildings and business parks. The company has projects in Chesterfield and Hazelwood, Mo., and Edwardsville, Ill.