nextSTL sources say Edward Jones is nearing a deal to acquire the former Maryland Heights Coca-Cola campus (outlined in blue). The 10-acre parcel at 78 Progress Parkway is adjacent to the Fortune 500 financial services company’s seemingly ever-growing presence along I-270 between Westport Plaza and Dorsett Rd.
In January Coca-Cola unexpectedly announced they intended to shutter the facility in March. Approximately 100 workers were offered new positions with the company in St. Charles or Warrenton. Coca-Cola developed the Maryland Heights site in 1968. It features a 188,500 sq. ft. building with office, warehouse, and production space.
The property is being listed by Colliers International for $6,390,000. nextSTL has regularly been first to report throughout the continuing Edward Jones Maryland Heights expansion, including breaking news in March on the most recent phase featuring a new office building, renovation of another, and construction of a parking garage.
Edward Jones is expected to make a decision in December regarding future expansion. Two new buildings and an extensive parking garage project are being considered for the Maryland Heights campus. Additionally being contemplated by the firm, a 150,000 sq. ft. building at its southwest regional headquarters in Tempe, AZ. Design plans previously drafted by St. Louis-based Arcturis are in the can for the potential Arizona job.
The employee-owned company has set an ambitious 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. The firm currently manages 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.
{the Edward Jones Maryland Heights campus}
In 2006 Edward Jones announced plans to create at least 500 jobs between its Maryland Heights and Des Peres campuses by 2013. The firm 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. An attempt to reach Edward Jones representatives for comment was unsuccessful.
According to the Missouri Department of Economic Development website the St. Louis region is home to more financial services firm headquarters than any other city in the U.S. besides New York. 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.
