KP Development, a St. Louis-based build-to-suit developer, today announced it has the former Chrysler assembly plant in Fenton, Mo., under contract and will be developing a master plan for the redevelopment of the 294-acre site. KP Development, formerly Koman Properties, focuses on development, construction and project management for single tenant projects, specializing in industrial and office projects across the country.
“This recognizable site is a prime location for new industrial and office jobs, which will be our major focus. KP Development will devote the time, energy and capital needed to breathe new life into the property, which at one time was home to almost 7,000 jobs,” noted Terry Barnes, president of KP Development. “We are excited for the challenge and the opportunity, and fully recognize that developing a formidable economic team will be a vital component to the ultimate success of the former Chrysler site’s transformation. We look forward to having the City of Fenton, St. Louis County and the State of Missouri as part of that team.”
Bordered by I-44 and strategically situated near the I-44 and I-270 interchange, while also featuring rail access, the site provides a convenient, easy-to-access Midwest location that has exceptional potential for industrial development. The location is one of several factors that make this site very compelling for KP Development, which has learned through its work in other parts of the country that St. Louis must provide centrally located industrial sites and development opportunities to attract and secure national companies and job creators. Another major factor in the decision to pursue this project is the strong and available workforce in and around the St. Louis metropolitan area. It will take the team several weeks before further announcements will be made detailing more specific plans for the site.
“The proposed transformation of the former Chrysler Plant will be largely focused on strong end users and developments that emphasize job creation and long-term stable growth for the region,” noted KP Development’s senior vice president Scott Haley. “Over the past four years, we have co-managed and developed over 2.5M SF of office/industrial buildings for Fortune 500 companies in over 13 states with an investment over $275M and hope to utilize these corporate relationships to make St. Louis their next new location or home. KP Development further believes that these relationships and partnerships will ultimately create a viable and successful development that will satisfy St. Louis’ pent up industrial demand.”
Local, state and federal officials have been trying to attract a buyer for the plant site since Chrysler ceased operations there in 2009.
“We are excited about the potential redevelopment of the former Chrysler facility. The loss of Chrysler left a huge void in our community. The City of Fenton looks forward to working with KP Development, St. Louis County and the State of Missouri in bringing this strategically important piece of our city back to life,” said Mike Polizzi, Mayor of Fenton.
“We are excited that a developer with the experience and reputation of KP Development is taking on this project, which is a premier development site for the type of industrial and business development that they are planning,” noted Denny Coleman, president and CEO of the St. Louis Economic Development Partnership. “The Economic Development Partnership and St. Louis County look forward to working with the City of Fenton and assisting this project in any way that is needed.”
KP Development is a St. Louis-based real estate development firm providing full service build-to-suit development services for office, industrial, and specialty projects, with a focus on meeting the needs of high-credit quality, single tenants with 10 or more years on an existing lease. In addition to Barnes and Haley, real estate development veteran Jim Koman also holds an advisory role with the company, serving as KP Development’s Chairman. To learn more about KP Development, call Terry Barnes (314) 261-7349 or Scott Haley (314) 261-7352 or visit www.kpdevelopment.com.
For more information, contact:
Julie Hauser, The Hauser Group, (314) 436-9090
Terry Barnes, KP Development, (314) 261-7349