Construction is set to begin this December on a new building at 11 South, the professional complex atop Sand Bank Road on the northern end of Columbia.
The approximately $8.7 million facility will be the home of DeRossett Investments, which currently has offices in Missouri and Florida.
“We are looking to consolidate those two operations and bring those into the new building here in Columbia, which would immediately bring 130 jobs over,” DeRossett Investments Senior Vice President Ron Schroeder told the Republic-Times. “Depending on how many we retain of the Missouri people, we’re going to need 45 immediately to replace the people in Florida.”
Schroeder said the building will take about 10-12 months to complete.
He said the company eventually hopes to fill the building with its maximum total of 225 employees. DeRossett Investments will occupy the entire facility.
Developer Joe Koppeis said the new structure will be very similar to the current building in operation at 11 W. Sand Bank Road, although it will be a little smaller.
Koppeis said he is happy to have DeRossett Investments coming to Columbia.
“I think they’re a great company and local people,” Koppeis said. “It’s going to bring a lot of good jobs. It’s going to be a great thing for Columbia and a great thing for 11 South.”
The first building at 11 South opened in 2017. Among its tenants are Gateway Urgent Care, Progressive Family Care, Scott Credit Union, Mon-Clair Family Practice and ATI Physical Therapy.
After construction is complete, DeRossett Investments will temporarily pay only 25 percent of its property taxes to the Columbia school district because the school board on Thursday approved a 75 percent tax abatement on the property.
That is good for its first 10 years or until the total abatement comes to $1 million, whichever comes first.
At that point, the school district will receive the full amount of tax revenue from this new building.
“This will help our local businesses,” Columbia school board president Scott Middelkamp said of the abatement.
For more on this abatement and the school board meeting, turn to page 7A.
The school board may hear another abatement request sooner rather than later, as Koppeis said his company, Admiral Parkway, is working on plans for a third building at 11 South.
Once those are done, Admiral Parkway plans to present proposals to potential tenants soon.
Koppeis said he hopes to begin construction next year on another building with approximately 60,000 square feet of floor space.