News

Bright future for Bannister, southern KC

12/20/07

Full Story - The Wednesday Sun

BY KELLI BANFORTH

The Kansas City Council unanimously approved a development plan for the Bannister Mall area Dec. 13.

Now, developers for Three Trails Redevelopment turn to the state for tax credits and tax increment financing approval.

Mayor Mark Funkhouser said he had concerns about the city’s financial condition and the need for Super TIF designation, which redirects 100 percent of future taxes back to the project. However, negotiations with developers at Lane4 Property Group Inc. helped minimize the city’s risk, particularly with ownership of a soccer stadium housing the Kansas City Wizards.

“The developers have proposed that the city will own the stadium, but they would be responsible for maintenance and upkeep,” Councilman John Sharp, 6th District, said. “The developers would sign a long-term lease and the city would be protected from any operational loss and construction costs. … What’s been proposed protects the city’s financial interests.

“It was a little more difficult convincing the mayor it was a project to support, but we did,” Sharp said.

Details regarding the stadium’s ownership and operation still need to be finalized, Lane4 President Owen Buckley said.

“What I’m most excited about is turning a plan into reality,” he said. “But we’ve still got a lot of work to do. A lot of people we had talked to about leasing said they were interested, but we had to get it approved by the city first. Now I can go back to those prospective tenants and we can take it to the next stage.”

Buckley declined to say which retailers and businesses are interested in leasing space in the 467-acre project.

Bannister Mall and Benjamin Plaza demolition is slated for spring or summer 2008 and developers hope the soccer stadium will open by spring 2010, in time for the Wizards’ season opener.

“The mall has not been kept up well,” Sharp said. “It would cost a tremendous amount of money to try to renovate buildings to current standards. Unfortunately, they have such a bad image that trying to put lipstick on the pig just wouldn’t be successful. We really have to start from scratch to put something there people would be attracted to.”

The first construction phase, scheduled for completion in 2012, includes 12 tournament soccer fields, 600,000 square feet of retail, 600,000 square feet of office space and a 250-room hotel.

Buckley said future phases could include 400,000 square feet of retail and 1 million square feet of office space.

Total cost of the soccer complex is estimated at $143 million, with 54 percent from public financing.

“Councilwoman (Cathy) Jolly and I will continue to stay on top of this,” Sharp said. “I really don’t intend to rest on this issue until I can sit in the stadium and watch a soccer game. We’re not going to take a nap now that the city has approved the plan