ST. PETERS • City officials hope to land a new developer for a 320-acre portion of its long-planned Premier 370 Business Park in the Mississippi River flood plain.

City Administrator Bill Charnisky said Lakeside 370 LLC, a firm related to Gundaker Commercial Group, no longer is involved in the project.

The area's levee district on Jan. 27 bought the part of the development owned by Lakeside 370 LLC for $80,000 in a sheriff's sale ordered by a St. Charles County circuit judge, said David Human, an attorney for the district.

Human said the district had won a judgment of about $1.8 million after suing Lakeside 370 LLC for payment of assessments owed for 2009.  The district was formed to oversee upkeep on the levee built to protect the project.

Charnisky, a member of the levee district board, said the sale probably won't have any effect on the project - the development of which has been slow amid the recession.

"It just means a new developer will take it over," Charnisky said. "The cost of the land has gone down significantly, far below market value."

He said Duke Realty Corp. - which owns much of the remainder of the 1,100-acre site - remains involved with its part of the project.

Michael Hejna, an official with Lakeside 370 LLC, declined to comment because of other pending litigation regarding the business park. Hejna also is an executive with Gundaker Commercial.

Lakeside 370 LLC has traded lawsuits with Regions Bank, its lender on the project.