MISSION, KS-Tom Valenti, a principal with East Syracuse, NY-based Cameron Group, tells GlobeSt.com that the decision has been made to drop even more planned development at the former $307 million Mission Gateway project here. The new plan calls for about $170 million worth of development, including retail, offices and multifamily.
On Tuesday, Valenti met with city officials and agreed to drop plans for a hotel and a 75,000-square-foot aquarium. Cameron was trying to gain access to $63 million of sales tax revenue bonds, but the market wasn’t comfortable with using the bonds for the new project, Valenti says. “STAR bonds are a strange animal, we’ve decided to go forward without them,” he says.
His firm bought the site of the Mission Center Mall in 2005 and demolished the building. In 2008, the company pushed a plan for the 160-room hotel and aquarium, 100,000 square feet of office, 125 apartments and 420,000 square feet of retail. The company is seeking a smaller public incentive package, including TIF funds. The city is southwest of Kansas City, MO, just north of Overland Park, KS.
The plans are now slimmed down. A Walmart will take up about half of 300,000 square feet of retail and a 300-unit apartment complex. “The Walmart will be unique, a multilevel store,” Valenti says. “We had a good ICSC, and we should be making some announcements of additional tenants in the next week or two. We should be ready to go in the fall.”
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