ST. LOUIS—When Chrysler Corp. nearly went under during the economic crisis, the company decided it had to shutter some of the historic factories that had helped turn some US cities and towns into industrial powerhouses. One such victim was the assembly plant in Fenton, Missouri, a suburb of St. Louis. After it closed in 2009, many in the region hoped that a foreign car maker would reopen it, but none materialized, and the plant was razed.

But KP Development, a St. Louis-based build-to-suit developer, now has the 294-acre site under contract and will develop a master plan for its redevelopment. KP Development, formerly known as Koman Properties, focuses on development, construction and project management for single-tenant projects.

“This recognizable site is a prime location for new industrial and office jobs, which will be our major focus,” notes Terry Barnes, president of KP Development. “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.”