Southeast Missouri State University plans to rely on a major St. Louis developer to transform approximately 400 acres of farmland into retail stores, commercial businesses, science and technology research operations and residential development.

School officials are looking at inking an agreement with THF, which has developed a number of mixed-use developments.

The proposed "LaSalle Park" project would erect houses and businesses on the old university farm that straddles Interstate 55.

It would provide a major boost to the local economy, a top university official said Wednesday.

Retail stores in the development could generate $6 million to $8 million in sales-tax revenue annually, said Wayne Smith, vice president of university advancement at Southeast and executive director of the school's fund-raising foundation.

"This is a tremendous opportunity like we have never seen in this region before," said Smith, who outlined the plan in a speech to the Cape Girardeau Lions Club.

While site drawings and a concept are in place, Smith said the university has yet to sign any agreement with THF to proceed with development.

"Everything I tell you today is good intentions," Smith told about 40 members of the civic club who gathered for a luncheon meeting at the Elks Lodge.

"We hope to have a tentative agreement within 30 days," he said.

Development would occur on both sides of a new Interstate 55 interchange that will connect the cities of Cape Girardeau and Jackson.

University officials have talked about developing a research and technology park, but Smith made it clear that retail stores will be a major part of any development.

Nearly a third of the acreage, or 142 acres, on the northeast side of the proposed East Main Street-LaSalle Avenue interchange would house retail stores ranging from "big-box" stores to medium-sized and specialty shops, Smith said.

Fronting along the east side of Interstate 55, the LaSalle Park retail district would include about 600,000 to 850,000 square feet of stores and restaurants, according to the development plan.

Restaurants and cafes would incorporate patios, benches, courtyards and pedestrian walk areas.

Retail stores could open by spring 2009, assuming the new interchange is finished by fall 2008, city and university officials said.

The technology, research and commercial area would span acreage on both sides of the interstate. The development is expected to include a hotel, according to a written plan presented to university officials.

Commercial, retail and residential districts would be linked by a framework of streets, walkways and commons areas including LaSalle Park Square. The square would feature angled parking with landscaped dividers for a shopping area suiting for pedestrians, according to the report from the development firm.

Commons areas would be heavily landscaped with annuals and perennials. Brick and stone would be the primary building materials, the report said.

A proposed residential area would include new single-family homes and townhouses. The upscale homes would face public streets, gardens or pedestrian walkways.

The homes probably would be in the $200,000 to $300,000 price range, Smith said, and could be clustered together about four per acre. The homes would be designed to appeal to buyers ages 50 to 75, Smith said.

Following the meeting, Cape Girardeau Mayor Jay Knudtson praised the university's decision to partner with a firm that's experienced in such development.

THF has handled more than 105 commercial developments throughout the country, Knudtson said. The company owns and operates more than 100 shopping centers with more than 20 million square feet of leasable space in more than 20 states. It also handles more than 2 million square feet of commercial office space.

"They are the real deal," said Knudtson, who has been involved in the planning discussions.

The decision to include retail stores in the overall development makes economic sense, the mayor said. The technology park is part of the plan, but it is retail stores that will boost the local economy and sales-tax revenue, he said.

"It is the retail engine that will allow us to build this out at the level we are talking about," Knudtson said.

mbliss@semissourian.com

335-6611, extension 123