Topeka ? An upscale residential real estate development is planned for a wooded site that is part of property owned by the Menninger Foundation, which relocated its famed psychiatric clinic to Houston last year.

A group of investors said Wednesday that they will buy 130 acres located along the Kansas River, north of Menninger’s signature Tower Building. The group plans to use more than 112 acres for its River Ridge Estates development, consisting of 16 large lots.

Theron Sims, managing member of three corporations involved in the project, declined to reveal the purchase price for the land. He said the lots are expected to sell for more than $100,000 apiece, with hopes that construction of the first homes will begin early next year.

Sims said he is also buying a power house in which he plans a restaurant, and the Boam Building for his law office. The gated residential area will have a waterfall, children’s park and access to walking trails extending from the governor’s mansion to the Kansas State Historical Society.

The Menninger Foundation owned more than 500 acres before it moved its clinic to Houston. Most of its land west of Wanamaker Road has been sold for corporate, shopping and residential use. The 227 acres east of Wanamaker, including the Tower Building and the proposed residential development announced Wednesday, were annexed by the city last week.

“When Menninger left, people were worried about what would happen out there,” said city planning director David Thurbon. “But there has been a lot of interest in the property. We’re optimistic that it will develop into an extremely nice property.”

David Lacy of Opus Northwest, Menninger’s property adviser, said much of the clinic’s property, including the Tower Building, is under contract to be sold.