Nicole Dolan 2-3 minutes
The Overland Park Planning Commission unanimously approved Metcalf 108 Redevelopment LLC’s new TIF plan for a proposed 220-apartment, mixed-use project.
Planners agreed Monday evening that the proposal aligns with the city’s comprehensive plan, which called for more apartments and fewer office spaces at the Interstate 435 and Metcalf Avenue site.
After the Lenexa-based developer struggled to find a tenant for its initial proposed commercial development, it shifted the project to predominantly apartments. The nearly $67.5 million project — with an added $400,000 for energy-efficient resources for sustainable construction — also allocated 10% of the apartments for attainable housing.
The City Council approved the amended and restated redevelopment incentive agreement in February.
By pivoting to an apartment project, the developer reduced its TIF investment from 100% to 90% of the property tax increment. The proposed community improvement district revenue increased slightly — from $1 million to $1.2 million — and the TIF revenue request dropped from $16.4 million to $11.5 million.
Now, the final plan goes to the City Council for final approval in late June. The first phase of construction could begin in late June or July, said James Clark, a member of the developer, as well as the owner/broker of Oxford Realty LLC.
The attainable apartments — studio, one- and two-bedroom units — are distributed throughout the building. Depending on a resident’s family income, rent could cost about $1,300 a month, according to city documents.
Approximately 1,775 square feet on the first floor of the seven-story, 235,000-square-foot building will lease to specialty and boutique shops and other high-quality, small-shop retail, including food and beverage service concepts. Roughly 9,900 square feet will be reserved for offices, according to city documents.
Klover Architects Inc. is the architect; Oxford Realty is the broker; Renaissance Infrastructure Consulting is the engineer; Centric is the general contractor; and Curtis Peterson of Polsinelli PC represented the development.