Cinergy Cinemas & Entertainment - Photo credit: Wade Griffith
The developers of Mission Gateway have secured intermediate financing needed to get construction moving on all fronts of the long-awaited mixed-use project located at the site of the former Mission Center Mall.
GFI Development and The Cameron Group are eyeing 2021 for the project’s full completion, thanks to $20 million in fresh financing secured through Metropolitan Commercial Bank. The funds will allow construction to commence on the project’s 130,000-square foot entertainment portion by the end of April. Site preparation began for Mission Gateway’s three apartment-over-retail buildings last fall and those structures are on target for delivery by the end of 2020.
“The financing we have secured and closed will allow us to continue to deliver what we promised,” Tom Valenti of The Cameron Group told MetroWire Media.
Mission Gateway’s entertainment area will include an unnamed anchor tenant who will operate a 90,000-square-foot entertainment complex to complement a 40,000-square-foot food hall from Chef Tom Colicchio’s Crafted Hospitality.
“We were out there looking for financing, and it is coming to us in two ways. We secured the first wave of financing done through Metropolitan Commercial Bank, our lending partner. And we continue to work with Mission Capital, our capital advisors throughout the process,” said Andy Ashwal of GFI Development.
In January, GFI and the Cameron Group announced they were seeking a finance partner and bumping up the construction timeline after landing the unnamed destination entertainment tenant.
Mission Gateway snapshot:
-Colliers International will handle Mission Gateway’s office and retail leasing.
-Neighbors Construction is expected to complete the multifamily portion of the project in April 2020.
-Fogel-Anderson Construction Co. is serving as construction manager for the entire redevelopment project at Johnson Drive and Shawnee Mission Parkway.
-El Dorado, Inc. designed the overall master plan.
-NSPJ is architect of record for the Element by Westin hotel.
For more info, please visit www.missiongatewaykc.com
Mission Gateway has landed a 90,000-square foot destination entertainment tenant that “will be like nothing in the Kansas City market.” That’s the word from Tom Valenti of The Cameron Group, which is redeveloping the former Mission Center Mall site in partnership with GFI Development.
“The lease is signed. These are seasoned operators, with six units throughout the country, mostly in the south. They know what they are doing,” Valenti said of the unnamed tenant.
The concept will be an ideal complement to the 40,000-square foot food hall concept celebrity “Top Chef” Tom Colicchio is bringing to Mission Gateway and comes as plans for an Element by Westin hotel are being finalized.
“These new tenants have caused us to accelerate our business plan,” said Andy Ashwal of GFI Development. “We originally told the City (of Mission) we will build in phases, but we will now go ahead with the entire project.”
The new timeline also is accelerating the need for working capital.
“We just finished the offering memorandum to go out and raise money,” Valenti said. “We’ve hired Mission Capital to put together a capital stack that will add up to $140- $150 million for the entire project. That way we can move forward all at once.”
Mission Gateway’s first phase began last fall and includes 170 market-rate apartment units located above ground-floor retail in three buildings. Neighbors Construction is expected to complete the multifamily portion of the project in April 2020.
Fogel-Anderson Construction Co. is serving as construction manager for the entire redevelopment project at Johnson Drive and Shawnee Mission Parkway.
El Dorado, Inc. designed the overall master plan. NSPJ is architect of record for the Element hotel.
Leawood leaders say a just-approved $135 million mixed-used project along 135th Street near State Line Road may be exactly what the city needs to energize development activity on the east end of the well-traveled corridor.
Lashbrook Cos. on Monday received city approval for its development south of 135th Street between Kenneth Road and Chadwick, which includes 117 high-end villas, 182 luxury apartments, and retail space. The project also includes plans for an 81-unit assisted living facility developed by Johnson County Management.
“I’ve said for a long time that this is a great corridor, but it just needs a kickstart. It needs something to happen to bring the momentum,” said Bob Regnier, president of Bank of Blue Valley and whose family owns the land. “Rick (Lashbrook) has great product and the timing is right.”
The development strays from 135th Street Corridor development guidelines adopted by the Leawood City Council in 2013, so securing approval required some give-and-take.
“This is a good compromise and allows for forward movement. Just since the announcement, I have received a couple phone calls from people interested in that area,” Regnier said. “A nice project like this is announced, and all the sudden people are talking about it. People see the possibility.”
In addition to filling strong demand for attached villa-type property in Leawood, the project will allow the City to connect 137th Street from Kenneth Road to Metcalf Avenue.
“That route, like 133rd on the north side of 135th, will become a major east-west connector for not only vehicles, but for pedestrian and bicycle traffic as well,” said Kevin Jeffries, president and CEO of the Leawood Chamber & Economic Development Council. “The office, retail, multifamily, and senior living components proposed for later phases will also be a welcome addition to the 135th Street Corridor.”
Construction on the unnamed project is set to begin in late 2019 with completion expected 2-3 years later.
The Opus Group's new six-story mixed-use apartment project at the corner of Westport Road and Broadway Boulevard is expected to serve as a catalyst for neighborhood redevelopment along Westport Road between Broadway and Main Street.
Although it won't be completed until the spring of 2020, the 254-unit multifamily project with 10,000 square feet of ground-level retail already is attracting tenant interest.
"Westport hasn't seen a project of this size in 50 years. This redevelopment will revitalize the neighborhood," said Chris Kamberis, a Kansas City-based commercial developer who owns property adjacent to the multifamily project and is seeking tenants to add to the unique neighborhood feel and expansion.
With plans in the works to extend the Kansas City Streetcar to Westport, Kamberis added, the OPUS multifamily project is right on time.
"With the addition of OPUS' mixed-use apartment complex and new tenants, Westport will continue to be an attraction for both locals and city visitors," said Kamberis, owner and president of CTK Real Estate.
The Opus Group began construction of the mixed-use project this fall. Opus Development Company, LLC is the developer in partnership with CTK Real Estate; Opus Design Build, LLC is the design-builder; and Opus AE Group, LLC is the interior designer, architect and structural engineer of record. Financing for the project is provided by Central Bank of the Midwest.