By ALAN J. ORTBALS
Darrell Shelton, developer of Central Park Plaza and much of Regency Park in O’Fallon, has a new project in the works on 13 acres in Regency Park.
The land is the future site of a three-story, Class A office building that will front on Interstate 64 and Regency Park in one of the hottest commercial real estate markets in metro St. Louis.
“O’Fallon and Shiloh are growing communities and have a lot to offer their residents and business owners. They are great places to own a business in, live, work and raise a family,” said David Wittenauer, principal of NAI DESCO, a commercial real estate firm headquartered in St. Louis. Wittenauer heads up the firm’s O’Fallon, Ill., office and is marketing the development for Shelton. “This area is one of the top three areas in St. Louis with the most commercial development activity right now. Close proximity to Scott Air Force Base, the addition of two new hospitals and other medical groups, combined with the high income level in the area is a major factor influencing this commercial growth.”
The planned project will be a 44,000-square-foot building to be built at the eastern end of the property once enough tenants commit to leasing space. Wittenauer said it would be ideal for professional office users like financial companies, law firms, accountants and select medical tenants.
New construction activity is all around the site; a 60,000-square-foot Class A office building has just been completed across the street and will house Visionary Wealth Advisors, the Kurowski Shultz law firm and other tenants; the new St. Elizabeth’s Hospital and a 100,000-square-foot medical office building will bring much more business to the area; Reliance Bank and Tim Horton’s are currently under construction across the street; and an 84-room Marriott Townplace is planned next door.
The new activity has spilled over from the south side of I-64 where Shelton has developed Central Park Plaza into a home for retailers, restaurants, car dealers and a movie theater.
“We’re working on several projects right now in Central Park Plaza,” Wittenauer said. “A couple of those projects should come together. There’s a lot of activity at this interchange.”
Memorial Hospital recently opened its new East facility in nearby Shiloh and has already announced plans for a neighboring 70,500-square-foot medical office building.
Wittenauer is currently seeking tenants for the Regency Park office building, which will consume about 3 acres of the site. He said that developers can be flexible with the remaining 10 acres in terms of lot sizes and uses but it would be ideal for offices, retailers, restaurants and hotels. From an aerial view, the amount of completed and ongoing development is very revealing, he said.
“The frontage roads — Regency Park on the north side of the interstate and Central Park Drive on the south side — connect Highway 50 to Green Mount Road to create the O’Fallon Business Loop,” Wittenauer said. “And, when you drive around the loop you see restaurants, a movie theater, Gander Mountain, Menards, hotels, the hospital, office buildings and banks. The loop is very dynamic.”