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.