NEWS

2017 Top Real Estate Deals: Westbrooke Village

Mission Peak Capital, a Kansas City firm that specializes in acquiring value-add and opportunistic real estate and debt, announced plans in October for the $110.6 million redevelopment of a long-dormant retail corner in Shawnee. An affiliate of Mission Peak proposes replacing the mostly vacant Westbrooke Village Shopping Center at the northeast corner of 75th Street and Quivira Road with 108,500 square feet of retail and restaurant establishments, 530 market-rate apartments and an underground parking structure. [ ... ]

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Regency Park gets green light for $30M makeover

In a unanimous vote, the Overland Park City Council approved development plans for Regency Park's $30-million makeover, the Shawnee Mission Post reports. An affiliate of Kansas City firm Mission Peak Capital is spearheading the project, which includes demolishing existing facades and replacing them with modern materials and a contemporary color scheme. It also includes adding a 5,000-square-foot building, landscape improvements and a new sidewalk and crosswalk near Natural Grocers at 9108 Metcalf Ave. [ ... ]

Read Full Article on the Kansas City Star's Website

Incentive-laden Westbrooke redevelopment gets green light from Shawnee City Council

The future of the dilapidated Westbrooke Village shopping center is a little clearer after the Shawnee City Council approved plans Monday for a $113 million mixed-use redevelopment of the site. Council members voted unanimously to rezone 32 acres on the northeast corner of 75th Street and Quivira Road for the project, which developers say will include five five-story apartment buildings containing around 530 residential units, an outdoor plaza, a multi-story parking garage and 108,500 square feet of space for restaurants and stores. [ ... ]

Read Full Article on the Kansas City Star's Website

Shawnee council approves development plan, millions in public finance incentives for Westbrooke Green project at 75th and Quivira

The proposed $113.2 million Westbrooke Green mixed-used development in the largely vacant and decaying Westbrooke Village Shopping Center at the northeast corner of 75th Street and Quivira Road received Shawnee City Council approval Monday night. The council approved a tax-increment financing (TIF) project plan and preliminary redevelopment agreement, the creation of a community improvement district (CID) at the site and a financing method for it, and rezoning for the project. [ ... ]

Read Full Article on the Shawnee Mission Post's Website

The changing face of the burbs: JoCo apartment boom riles some residents

Drive around Johnson County these days and you can’t miss them: Cranes hoisted high and construction crews clamoring to build hundreds of new upscale apartment units from downtown Overland Park to Lenexa City Hall, many near traditional single family neighborhoods. Drive around Johnson County these days and you can’t miss them: Cranes hoisted high and construction crews clamoring to build hundreds of new upscale apartment units from downtown Overland Park to Lenexa City Hall. [ ... ]

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Investor flips River North loft office building

A Missouri real estate company has sold a River North loft office building it seized through foreclosure four years ago, cashing in on a hot market for creative office space downtown. Adding to a run of brick-and-timber buildings trading hands in the city, a venture of Kansas City-based Mission Peak Capital sold the six-story building at 215 W. Ohio St. last month for $9 million, Cook County records show. [ ... ]

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New owners plan $30M face-lift for shopping center on surging Metcalf corridor

An affiliate of Mission Peak Capital, a Kansas City firm that specializes in acquiring value-add real estate, is joining the retail revitalization boom taking place along the Metcalf Avenue corridor in Overland Park. MP Regency Park LLC, which struck a deal to buy the Regency Park Shopping Center out of receivership late last year, plans to spend $30 million on acquisition and redevelopment of the 202,000-square-foot center. [ ... ]

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An 'actually expanding' retailer will occupy shuttered JCPenney outlet in OP

A retailer "that's actually doing well and expanding" will help breathe new life into a former JCPenney Outlet Store building that has stood vacant for more than three years at a prime Overland Park location. Veteran retail broker/developer Jeff Berg, a senior vice president with Colliers International's Kansas City office, said Floor & Decor (NYSE: FND), based in Smyrna, Ga., has leased 81,300 square feet in the 127,000-square-foot building at 9495 W. 75th St., just southeast of the 75th Street and Interstate 35 interchange. [ ... ]

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Developer of $75M Crossroads project: ‘We’ll make 75 percent cap work’

The Detroit-based firm planning a $75 million redevelopment project in the Crossroads Arts District applied for a property tax abatement before the Kansas City Council approved a new 75 percent incentive cap in October. Therefore, City Club Apartments LLC CEO Jonathan Holtzman originally planned to seek a 10-year, 100 percent abatement, followed by five years of 50 percent abatement for the project, which calls for 293 apartments, 10,000 square feet of retail and a 290-space parking garage in the block bounded by 19th, 20th, Walnut and Main streets. [ ... ]

Read Full Article on the KC Business Journal's Website