Edward Jones Selects Maryland Heights Campus for $100M Expansion

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nextSTL sources say St. Louis-based Edward Jones has chosen their Maryland Heights campus as the location for a new $100 million office building and parking garage. The site in St. Louis County was selected over Tempe, AZ., where the financial services firm’s southwest regional headquarters is based. nextSTL first reported on this project in April of 2013.

The project will break ground in early 2015 at the campus located close by the intersection at I-270 and Dorsett Rd. The new $70 million 220,000 sq. ft. office building is expected to be six-stories high. The $30 million parking garage will have 740 spaces. Frequent Edward Jones builder McCarthy will handle construction. Christner will be the design lead per a general services contract agreement reached in 2013.

The employee-owned company has set a daunting goal to nearly double in size. Edward Jones wants to employ 20,000 advisers and oversee $1 trillion in client assets by the end of 2020. They currently manage more than $700 billion in assets at approximately 11,000 branches in the U.S. and Canada. Edward Jones branches are predominantly in communities with populations under 50,000 and metropolitan suburbs.

In 2006 Edward Jones announced plans to create at least 500 jobs between their Maryland Heights and Des Peres campuses by 2013. They also stated the potential for 1,000 new hires by 2016. Edward Jones expects the St. Louis County expansion to be the foundation for development of its branch office network.

The St. Louis region is home to more financial services firm headquarters than any other city in the U.S. besides New York according to the Missouri Department of Economic Development website. Additionally, Missouri is the only state with two Federal Reserve Banks. A 2012 New York Times database that tracked business incentives awarded by hundreds of cities, counties, and states listed finance as the Missouri leader among all industries.

Edward Jones has been afforded more than $60 million in incentives tied to the expansion from the state and St. Louis County. This includes infrastructure development along with state and county tax cuts for the projects in Maryland Heights and Des Peres. The expansion is expected to have an annual economic impact of $377 million according to the St. Louis Economic Development Partnership.

Future expansion at the 60-acre Maryland Heights campus is also expected. Edward Jones has recently charged McCarthy with drafting a plan that nextSTL sources say includes construction of three new buildings along with more garage projects. An attempt to reach Edward Jones for comment was unsuccessful.

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  • tpekren

    The reality is that Edward Jones started expanding their campus while McKee’s was caught up in lawsuits and litigation. Who is going to commit in that mess? While it would have nice been to see a move to west downtown I don’t blame them for working with property they already owned and a DOT & county that was willing to invest in the Dorsett Ave Interchange. I think you will see some progress with McKee’s west downtown phase now that litigation is cleared and a TIF in place to help finance a rebuilt 22nd street.
    ..
    As far as BPV, I believe at the end of the day that Cordish & DeWitt wants to see a big pay day and will have no problem sitting on their arse collecting BPV live & Parking revenues. Maybe they will secure a hotel and residential development along Clark but that will be the extent. First, Centene probably crunched the numbers and realized that they were way much better off staying put in Clayton with their own development deal. My understanding is that they wanted control of the property they bought instead of being committed to Cordish/BPV. Heck, you will see a second Centene Tower go up before a BPV office tower. Follow by the fact that Stifel Nichols even offered to buy up bonds to finance a BPV office tower before they realized that they were better off buying their own building downtown and been adding employees since. Unfortunately, I see BPV surface parking along Walnut Street for a very long time.

    • John R

      I hope your wrong on BPV but my heart says your right…. something needs to go up soon to screen that ugly building (the front façade is great but what is with the sides?).
      As for Ed Jones, yeah I have no problem with them expanding their current campus but NR has to come from somewhere. Anyone have thoughts on what suburban players could make a major play for a downtown build-to-suit(s)?

      • STLEnginerd

        Semi-major and have no knowledge of interest but i always wondered why Panera wasn’t downtown. They should have a massive sign on top of a building somewhere.

        Same with Energizer and MasterCard.

        Basically seems like anyone with a direct to consumer brand like that ought to see downtown as a big billboard. Especially at BPV. Unfortunately St. Louis doesn’t seem to have a lot of direct to consumer brands. And the ones they do have seem content where the are at. At least that I can think of.

    • Geoff Whittington

      Could be sooner than later regarding Centene II. Additionally, I hear Centene is “considering multiple options.” May have to find a new Clayton location or build elsewhere. Space seems to be an issue.

      • John R

        Interesting and good for Centene…. Let’s make it a go of Northside Regeneration and put it at 22nd Street!

  • John R

    I wonder how hard McKee went after this…. there is just a small number of potential players in the region to make a move for Northside Regeneration and now the pool just got a lot smaller. A 22nd Street campus for Ed Jones would have been great.

  • guest

    Would have been nice to add to BPV…

  • rgbose

    1h 15m via train/bus from the CWE

    • Geoff Whittington

      Daniel Boone Corridor could change that.

      • rgbose

        I’d prefer to build the N-S line and discourage job sprawl somehow

        • Geoff Whittington

          Just saying.

      • Joe Schmoe

        St. Louis has a job density/residential density mismatch. Daniel Boone Corridor serves a high density job/low density residential market. North-South Corridor serves a low density job/high density residential market. In a perfect world St. Louis should be able to build both corridors, but unless we dramatically change the way transportation is funded in this region, we will likely only get one more major metrolink extension in the next 20 years. I think North-South has more potential and would be more competitive at the federal level, for obvious reasons.

  • rawest

    “Huge win for the region.” – Mayor Slay