Koman Group Plans Spec Development in Cortex

By on December 7, 2018

From St. Louis Business Journal:  Koman Group is planning a new 120,000-square-foot speculative office building in the Cortex Innovation Community in Midtown.

The development, called Cortex K, is located at Clayton Avenue and Sarah Street, just within the boundaries of the 200-acre district designed to promote innovation and entrepreneurship. Koman Group is targeting technology tenants for the spec building, which will be the first construction on the firm’s 3.25 acres of land in Cortex that was acquired in 2016, Koman Group told the Business Journal. An investment cost on the development was not disclosed.

The firm is working with Cortex leadership and others near the site on the final development plan. Later phases could include residential and mixed-use buildings, officials said. Construction is slated to start in the first quarter of 2019. JLL’s David Steinbach and David Biales are marketing the project.

The spec development is one of several projects underway in Cortex — which has become a standout destination in recent years, earning accolades from organizations such as The Brookings Institute and driving office activity in the St. Louis market. In the third quarter of 2018, Cortex led activity with about 96,000 square feet of positive absorption, according to Cushman & Wakefield research.

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