Development to include 25 acres of neighborhood retail, over 80 acres of mixed use
Payne Family Homes, an award-winning residential construction company, is launching a new commercial real estate division with a 260-acre mixed-use project in O’Fallon, Missouri.
Tentatively called The Streets of Caledonia, this $400 million commercial development will encompass 260 acres in O’Fallon at Highway 64/40 and Route DD, next to the future 55-acre O’Day Park to open next year. With nearly 4,000 feet of highway frontage, the project will have approximately 25 acres of neighborhood retail and approximately 80 acres of mixed-use office space such as office, medical, hospitality, and senior housing.
“Retailers and commercial tenants are looking for populated areas with an existing pool of customers,” said Ken Kruse, President. “Payne has built beautiful neighborhoods for ten years now, full of people who want convenient access to work, grocery, shopping, and other amenities. Bringing commercial into our portfolio makes sense as commercial and homes go hand-in-hand.”
Plans for The Streets of Caledonia include an anchor grocery store with surrounding neighborhood retail, gas convenience store, a pharmacy, an urgent care center, an independent living facility, high-end multi-family housing, and more. Payne is working with the City of O’Fallon to increase road access and improve traffic flow in the area, in anticipation of greater traffic volumes. The current interchange at Winghaven Boulevard and I-64/40 is similar in size to the existing Boone Crossing interchange in Chesterfield Valley, which is able to smoothly move considerable traffic volume.
About 400 homes from every Payne portfolio price point will surround the shopping on the west and south side of the project, as site challenges will only allow residential on those sides.
“We are extremely optimistic about the potential for this development in the heart of our high-tech district,” said O’Fallon Mayor Bill Hennessy. “With the proximity to businesses like MasterCard and Citi as well as the tremendous access to the I-64 corridor, we’ve long believed that this property could host a transformational development on O’Fallon’s south side. Knowing the strength of the partners we have on board, our City is confident that this mixed-use development will be of the highest quality and provide a new anchor for the entire region.”
Payne plans to break ground in 2018. This project should take at least five years to develop and should exceed $400 million in value.
O’Fallon is set to begin construction on O’Day Park next month, with plans calling for an activity and conference center, a camping area, trails, an amphitheater, and an adventure playground area. The Streets of Caledonia will also be adjacent to the under-construction Caledonia Soccer Park, Regal O’Fallon Stadium 14 movie theater, and the August A. Busch Memorial Conservation Area.
25 acres of retail space is listed with commercial real estate broker NAI DESCO and 60 acres of mixed use space along the highway is listed with Gershman Commercial.
About Payne Family Homes
Established as one of the Payne Family of companies in 2007, Payne Family Homes has quickly risen to be the St. Louis metro region’s fastest-growing homebuilder and recently was named one of the area’s fastest-growing companies by the St. Louis Business Journal. With communities in some of the most desirable areas of St. Louis, St. Charles, and Jefferson counties, Payne Family Homes builds memorable estate homes, villas, and single-family homes in nearly every price range. For more information, visit PayneFamilyHomes.com or call (314) 477-1218.