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Regency Park gets Green Light for $30M Makeover

Kansas City Business Journal

Leslie Collins,

December 20, 2017

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.

Although the council discussed a desire to further improve walkability, developer MP Regency Park LLC said its ability to make improvements is limited by the existing parking lot and tenant leases, which guarantee a certain number of spaces per store.

To help fund the improvements, the council also approved the creation of a community improvement district, which includes a 1-cent sales tax increase that takes effect April 1. Maximum CID reimbursement is $7.35 million over 22 years. Council members also approved issuing up to $8.5 million in private activity bonds to assist with construction and renovation costs.