In the works for more than two years, a deal between the city of St. Louis and Ackerman Toyota is now finalized.
Ackerman Toyota has acquired a 2.94-acre site at 2020 Hampton Ave., on the northeast corner of Interstate 44 and Hampton Avenue, from the city for $2.4 million. The deal closed June 20. Gary Parker with Intelica CRE helped broker the deal on behalf of Ackerman.
Ackerman plans to move its dealership located at 3636 S. Kingshighway Blvd., owned by the late Jerry Ackerman’s trust, to the new site, which is the former home of the Metropolitan Sewer District (MSD). MSD moved out in 2003 and into its new headquarters at 2350 Market St.
The new dealership is expected to cost between $12 million and $15 million. Aedis Architects is designing the new facility. Construction is expected to start in August with the dealership being complete next summer.
Ackerman Toyota is also to receive $7 million in tax increment financing to help fund the project.
Jay Ackerman, owner of Ackerman Toyota, said the new location will give the dealership better visibility along Interstate 44 and provide potential customers with better access.
“This site will draw people from Webster Groves and Belleville (Illinois) in either direction,” he said. “We wanted to stay in the city because we didn’t want to pick up and leave our customer base. It was tempting to go somewhere like Wentzville, but we stuck to our ground.”
Otis Williams, executive director with SLDC, did not immediately return requests for comment.
The property had been owned by the city since 2008, when it acquired the land for $2.4 million. The city put out a request for development proposals in November 2012 and the land had been under contract by Ackerman since April 2014.
According to city records, the property has an appraised value of $961,300.
Ackerman Toyota, according to the Missouri Department of Revenue, has sold 667 vehicles in 2017. In 2016, the dealership sold 2,009 vehicles.
–ARTICLE ORIGINALLY PUBLISHED by Brian Feldt – Senior Reporter, St. Louis Business Journal