To financial firm Edward Jones, the logic was irrefragable. First, baby boomers, aging and in need of retirement planning, posed an unprecedented growth opportunity. Second, for Edward Jones to seize this opportunity, the firm would have to expand its far-flung network of investment representatives, who typically occupy one-person offices. Third, to support the additional representatives, Edward Jones would need to enlarge its central offices.
For the most part, Edward Jones keeps its support staff in three campuses in St. Louis County. And as of October 2006, it is clear Edward Jones will continue to do so, even though the staff will quickly grow. Edward Jones announced it planned to redevelop its campuses in St. Louis County while adding at least 500 jobs in the next five years. By 2016, the number of new jobs created is expected to total at least 1,000.
Key components of the Edward Jones expansion plan include:
• improvements to area roadways, including replacement of the I-270/Dorsett Road interchange to improve safety and increase its ability to handle traffic
• three new office buildings and corresponding parking garages at North Campus by the end of 2011, resulting in 650,000 square feet of new office space; some of the new buildings will replace smaller buildings dating back to the 1960s
• a new 250,000-square-foot office building and corresponding parking garage adjacent to the firm’s headquarters location Manchester/Ballas Road, called “South Campus” by the firm. Edward Jones will seek approval from the City of Des Peres for this expansion.
Edward Jones anticipates investing up to $260 million in new construction in the next five years and donating land for road improvements. To encourage this investment, incentives were provided by federal, state, and local institutions. Funding for the interchange alone reached $30 million. Other incentives encompassed jobs programs, real property tax abatements, and a sales tax abatement linked to purchases of construction materials.