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Payne Family Homes to work on $400M Mo. mixed-use project

Payne Family Homes is planning a $400 million mixed-use project on 260 acres of land in St. Charles County, Mo., the St. Louis Business Journal reported.

The homebuilder is set to close on the real estate deal with land owner THF 40 DD Development LLC in early- or mid-2018.

Payne President Ken Kruse told the publication that the company will break ground on the project, known as The Streets of Caledonia, in late 2018. The development will include 400 single-family homes, an apartment building, an anchor grocery store, office space and retail space.

NAI Desco was tapped to market the project's retail space, with Gershman Commercial Real Estate marketing the office component, according to the publication.