St. Peters Completes Lakeside 370 Property Sale With Kaplan Development, Duke Re

By: St. Peters Press Release // June 01, 2006

The City of St. Peters and a partnership group including Kaplan Development, Duke Realty and Gundaker Commercial Group have signed the closing documents for the sale of the Lakeside 370 property. With the closing completed, the first payment of $24.35 million for the property has been made to the City of St. Peters. The agreement calls for the partnership to pay a total of $49.6 million for the land that makes up the Lakeside 370 Business Park project, including the 4-mile levee. When the sales agreement with the partnership was reached in April, the partnership forwarded a non-refundable $250,000 deposit on the property.


The original sales agreement was offered by Kaplan Development in June 2005. In the original agreement, Kaplan Development would have paid the City $15.6 million at the closing on the land. This means St. Peters received an additional $9 million immediately, versus waiting up to ten years for those proceeds from the sale of the property.


The St. Peters Board of Aldermen approved the sale of the property at the April 27, 2006 Board meeting. At that time they also recommended that an immediate benefit from the Lakeside 370 sale proceeds be provided to City residents in the form of four months free trash service each year for the next ten years. City officials are also planning an expansion and improvements to the St. Peters Rec-Plex and will ask City voters for approval of three no-tax-increase bond issues to fund a new Police/Justice Center, public works improvements and water-sewer projects.


In April 2000, more than 67% of St. Peters voters approved the bonds for the land purchase and levee construction of the Lakeside 370 project. The project, envisioned as a development similar to Earth City with an adjacent 300-acre public park and a 140-acre lake, will be developed over a 10-15 year period and will bring an estimated 6,000-10,000 new jobs.