The Mission Gateway development at Shawnee Mission Parkway and Roe has wracked up a number of new leases and prospective tenants for the development.
Already announced were the Walmart Supercenter with 151,000 square feet and a Sprouts grocery at 25,000 square feet. The leased tenant Toby Keith’s I Love This Bar & Grill (15,000 SF). In addition, three other unnamed restaurants are under lease, ranging from 2,600 to 6,000 square feet. The developer is also finalizing a lease with a health club (23,000 SF).
The updated leasing information was included in a report delivered to the Mission City Council Wednesday by Real Estate Research Consultants. The independent consultant had been hired by the city to examine the expected leasing, sales and values associated with the development, and the subsequent tax revenue, to help guide the city’s decisions regarding public subsidy.
The list contained another 12 stores that are currently negotiating letters of intent and are anticipated to join the development. There are two stores listed as “Jr. Anchor” both at 30,000 square feet or more, five listed as “Small Format” and five additional restaurants. The total square footage for those negotiating letters is 96,116.
That only leaves 63,980 square feet available that is not currently being negotiated or leased.The total commercial square footage in the development is 387,696. The development also includes 300 multi-family apartments.
The RERC report estimates tax revenues available to pay public bonds over the 20-year period at $61 million, the middle ground of three estimates the company provided. The city’s financial advisor told the council Wednesday that the estimates should still make $36 million in public bonds viable. Of that $36 million, $6 million pays down storm water debt and $30 million supports the development costs. All of the potential bond payments are made with new sales tax and property tax revenue from the site.
The city still has to hammer out the details of a development agreement and financing deal. The wait for the RERC report has pushed the public information meetings about the project back to November 12-13. Final council action is expected to follow the next week. Public hearings on the Gateway deal scheduled for October 17 will be continued.