St. Louis, MO/December 5, 2016 (STLRealEstate.News) Pfizer had a big announcement for the St. Louis metro region this past week. The mega-corporation laid out their plans to research and develop a massive, four to five-story, 460,000-square-foot facility and parking structure on the northwest corner of Olive Boulevard and Chesterfield Parkway. Pfizer confirmed that the plans are already being set in motion to the St. Louis Business Journal this past Tuesday.
The new structure will absorb the two different Pfizer facilities functioning around the Chesterfield region. Pfizer will consolidate the Monsanto Chesterfield Village Research Center and at their location at the Missouri Research Park in St. Charles County in the new facility. The facility will accommodate 625 employees and contractors, and is expected to cost more than $200 million.
Even more impressed, the pharmaceutical conglomerate is planning on centralizing their biotherapeutics and pharmaceutical science groups out of the new facility. Much of the work conducted in the building will involve developing biologics and vaccines for clinical trials.
Local real estate agencies, Clayco and CRG, will be handling the development team and operation. CRG, a subsidiary of Clayco, will work alongside the real estate business for the oversight of the new building construction. Pfizer is planning to lease the building, once it is completed, which is expected to happen at the beginning of 2020.
Pfizer, through their operation expansion, is expected to create hundreds of jobs for locals. The state of Missouri is rewarding them with $5 million through the Missouri Works program and $800,000 through the Missouri Works Training program based on job creation goals. Pfizer is still in talks with the city of St. Louis for landing additional subsidies for their pledge to spur the creation of jobs and accelerate the job growth rate in the city. Sources report Pfizer will at least receive some sort of real estate tax abatement in the process.
Contributing Editor: Alexandra R. Fasulo
Picture courtesy of Missouri Business Alert
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