Plans are in the works for a 260-acre mixed-use development north of Highway DD at Highway 40 (Interstate 64) in O鈥橣allon, Mo.
For residential developer Payne Family Homes, the project marks its first foray into commercial development. The company is launching a commercial real estate division to lead the project.
鈥淧ayne has built beautiful neighborhoods for 10 years now, full of people who want convenient access to work, grocery, shopping, and other amenities,鈥 Ken Kruse, Payne鈥檚 president, said in a statement. 鈥淏ringing commercial into our portfolio makes sense as commercial and homes go hand-in-hand.鈥
The $400 million development, tentatively branded as 鈥渢he Streets of Caledonia,鈥 calls for 25 acres of retail development and 80 acres of office, medical and hospitality space, as well as senior housing. Planned is an anchor grocery store, retail centers, a convenience store, a pharmacy, an urgent care center, an independent living facility and high-end multifamily housing.
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In addition, Payne hopes to develop about 400 houses in subdivisions to the south and west of the commercial development.
鈥淲e are extremely optimistic about the potential for this development in the heart of our high-tech district,鈥 O鈥橣allon Mayor Bill Hennessy said in a statement. 鈥淲ith the proximity to businesses like MasterCard and Citi as well as the tremendous access to the I-64 corridor, we鈥檝e long believed that this property could host a transformational development on O鈥橣allon鈥檚 south side.鈥
The project would be just east of O鈥橣allon鈥檚 planned 55-acre O鈥橠ay Park, which the city expects to begin construction on next month. Plans for the park include trails, a ropes course and a bird-watcher鈥檚 garden.
Payne plans to break ground next year on the commercial development and build it out over about five years.
The property slated for development is largely owned by THF 40 DD Development LLC, an entity affiliated with developers Stan Kroenke and Michael Staenberg, whose long business relationship developing suburban shopping centers .
Kroenke is the owner of the Los Angeles Rams.
Payne is listing 25 acres of retail space with commercial real estate broker NAI DESCO, and 60 acres of mixed use space along the highway is listed with Gershman Commercial.
