By Nancy Cambria
ST. LOUIS POST-DISPATCH
Saturday, Mar. 24 2007
O’FALLON, MO. — The local investors in a $40 million commercial and residential
complex expected to rejuvenate the city’s North Main Street area have sold
their shares in it.
Will Holman and Dawn Griessel of St. Peters-based Commercial Brokerage Group
Inc. have informed city officials that they are no longer minority partners in
O’Fallon Station Development. The two endured significant delays as they
steered the project through three city administrations.
John Hamill, an attorney representing Holman and Griessel, said Joseph Daou of
suburban Chicago is now the sole owner. Hamill said Daou was not an original
partner but gained controlling interest in the company in August when he bought
out the company’s third founding partner, Joe Khouri of St. Charles.
Daou said Friday he planned to meet with city officials next week to discuss
his plans and declined to comment further.
Work on the site adjacent to the Norfolk Western Railway tracks near City Hall
has been on hold since November. In February, Holman said he had already
invested about $1.2 million and was working to refinance the project. Officials
from Greater Missouri Builders also said they had put plans on hold to build
condos there because of the uncertainty.
City Administrator Robert Lowery Jr. said officials were eager to hear Daou’s
plans. Any change from the approved site plan would need to be brought back
before the city’s planning and zoning board and the City Council, Lowery said.
Nancy.Cambria@post-dispatch.com
636-255-7214
