SUPPORT OUR SPONSORS!
Groundbreaking on Mission Gateway development expected by May
Dirt will be moving at the Mission Gateway project by May and maybe as early as April, Gateway developer Tom Valenti told the Mission City Council Wednesday night.
“We are making progress,” Valenti said. “We just need the last junior box anchor. I don’t want to give (tenant) updates until we get another signed lease. I don’t want to say who it is until we’ve got it done. We are close.”
That last major tenant signing is expected to put the financing in place and get the development rolling forward.
Walmart is the major tenant for the project with several other significant tenants already announced, including a Toby Keith’s I Love This Bar and Grill, a Sprouts grocery and a health club.
The council approved the final resolutions for the Community Improvement Districts that will allow additional sales tax charges at the businesses in the development, which in turn pay for public bonds that will be issued to help finance the development. Walmart will charge an additional half cent sales tax and all other Gateway businesses will charge an additional full cent.
Valenti’s prediction that work will start this spring was welcome news for a project that has been stalled for several years as a result of the downturn in the economy. Also Wednesday, it was announced that a firm had been selected to handle the impending bond sale.
Powered by Facebook Comments