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Wednesday, February 19, 2014

Through a series of 12-0 votes, the Overland Park City Council on Monday approved rezoning and financing mechanisms for City Place, a $350 million mixed-use development at the southwest corner of College Boulevard and U.S. Highway 69.

Kenneth G. Block, is the lead on this project with other development partners, BK Properties LLC. said the last big approval for the project is expected within three weeks. At that point, the U.S. Army Corps of Engineers is expected to act on the developer's request to move and improve a streamway corridor that runs near the southern edge of the 93-acre development tract. 

"Then we should be gung-ho, ready to go," Block said, adding that financing for the project already is lined up.

Work is expected to begin in the summer with road construction, stormwater improvements and construction of the first of 1,382 luxury apartments planned. The project also calls for a 140-unit senior-living component, 600,000 square feet of office space in four buildings and 40,000 square feet of retail space.

On Monday, the city council approved rezoning to allow those uses. It also approved a special-use permit for the senior-living component, which BK Properties intends to sell to another developer specializing in that product type.

With the condition that a few last tweaks be negotiated with the developer by Overland Park's city manager and city attorney, the council also approved a development agreement containing the many standards and stipulations that will govern the project. It also includes a schedule of completion dates for the project's multiple phases, starting with 2016 completions for the first apartment and office buildings. The project is expected to be fully completed in 2021.

Source: Kansas City Business Journal

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