Space going fast at First Street
By TIM KANE - tkane@kcchronicle.com
ST. CHARLES – Office space is “selling like hot cakes” on the second floor of the building that houses the city’s parking deck, St. Charles Mayor Donald P. DeWitte said.
Dewitte said about 60 percent of the 24,000 square feet of office space on the second floor of the First Street building under construction has been leased.
Three-month leases are attractive in a slow economy, said Annette Clark, who is area sales manager for Regus, a British company with U.S. headquarters in Dallas that moved into First Street’s Plaza building in November.
The city has a financial interest in the project. Money from a special taxing district was used to pay for the five-story parking deck on the premises with enough space to park more than 400 automobiles.
Clark said Regus’ office space is selling because renters are interested in its flexible-leasing terms. She said about a quarter of Regus’ 60 individual offices have been leased.
“My organization is pleased where we are right now,” Clark said. “Our flexible leasing is playing a huge role in the success of our business.”
Weather has halted recent construction, but work crews were on the job this week and city officials are optimistic that first-floor retail will soon take off.
“We are seeing some movement and an increase in interest,” said David Richards, a city alderman and the executive director of the Downtown St. Charles Partnership.
“An Italian bakery is scheduled to move in soon,” he said. “And there have been serious conversations for a breakfast place to locate here.”
In all, the First Street redevelopment project consists of 150,000 square feet of retail, residential and office space on 22 acres.
The project is expected to be completed in one or two years, depending on the economy, DeWitte said.
• Bethany Krajelis contributed to this report
