Contact: Lori Willis
Director of Communications
Jan. 23, 2007
Schnucks Finalizes Plans for Replacement Store In
The new 58,000-square-foot combination food and drug store will anchor an 18-acre retail development featuring a total of 80,000 square feet of retail space. That's including several out parcels that will accommodate free standing buildings within a quarter mile of the existing store and help to make the center a destination point for shoppers in surrounding communities.
Schnucks Vice President of Supermarket Development Gordon Lyons says, "Our customers have been very supportive of our existing store, and for some time now, we have been looking for an opportunity to enhance the shopping experience through expansion. Mayor Kipping, his staff and city council members have been extremely helpful in getting us to where we are today."
Waterloo Mayor Terry Kipping said, "I am pleased we were able to reach a
fair and reasonable agreement that will keep Schnucks in
According to the Mayor, this new development will provide for approximately 400-500 jobs, and both the city and the school district will benefit from increased sales.
He explained, "Over time, the city will see increased sales tax of more than $160,000 per year while the school district will receive about $252,000 per year in increased real estate taxes. Other taxing districts combined will receive real estate tax increases in excess of $100,000 per year."
"We are very glad to be able to retain a good neighbor like Schnucks and would like to thank everyone involved in putting this project together and the aldermen for supporting it," said Kipping.
The current Schnucks at
At Monday night's council meeting, Schnucks officials received
approvals for the annexation and rezoning of several parcels fronting
The center also will have an access drive to Route 3 about
500 feet south of the intersection with
For information on leasing and out parcels, please contact Rob Randall of The DESCO Group at 314-994-4064.
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