Townsend Capital has received a green light for a new development in Lee's Summit. Summit Orchards -- the third phase of a larger project -- will bring more than 300 Class A apartments alongside 150,000 square feet of office space, retail, and restaurants to the area.
Phase one of the project entails more than 300 luxury apartments. Phase two will add 40,900 square feet of retail, a convenience store, shopping center, and restaurant. Phase three will include 66,500 square feet of retail. Phase four is 50,000 square feet of office, educational, retail, elder care and residential, while phase five includes more than 100,000 square feet of office as well as possible educational, institutional, retail or residential uses.
The development team includes NorthPoint Development, who is handling the multifamily piece. The $36 million luxury apartment project will rent Class A units ranging from $900 to $1,750 a month. RED Development is the commercial partner.
This newly approved piece of the puzzle is part of a larger four-part project .The first includes Summit Place, approved in 2011. The second is the Summit Innovation Center, which was approved in July 2015 and includes the Missouri Innovation Campus and Holiday Inn Express, set to debut in spring 2017. The third is the 47-acre Summit Orchards project, located north of Chipman and east of Ward. The fourth and final phase will be 25 to 30 acres on a project west of Ward Road.
Steve Rich of Townsend Capital says the area surrounding Chipman and U.S. 50 Highway has been and will continue to benefit from this ongoing project, evidenced by the thousands of new jobs created. Thus far, it's already attracted a $500 million investment at the Summit Technology Campus as well as $300 million in retail sales at Summit Fair and Summit Woods.
"This has been a long process of patience and planning for Townsend Capital and our investment in Lee's Summit is coming to fruition for the betterment of this community," Rich said. "We are optimistic about how this project build out will continue to unfold, the additional retail opportunities we will bring to Lee's Summit and the future of development and growth in the area."