KP Development said it has reached an agreement to buy the site of the former Chrysler assembly complex in Fenton from Capstone Advisory Group and plans to redo the tract for industrial and office users. The Clayton-based company, formerly Koman Properties, did not disclose how much it would pay for the 294-acre property in Fenton. Terry Barnes, the company’s president, said he expected to complete the acquisition in mid- to late-2014.
The site’s location along Interstate 44 and rail access makes it a good place to construct offices and industrial buildings, Barnes said. The site has been unused since Chrysler ceased operations there in 2009. Chrysler in 2007 employed nearly 6,400 people at its Fenton assembly plants. The automaker shuttered the minivan plant in 2008 and then closed the adjacent pickup plant in 2009 when it entered bankruptcy.