Image Credit: Hoefer Wysocki Architecture
Liberty Commons consists in total of 335,000 sf of redeveloped improvements. The site for the redevelopment consisted of an older retail center that previously included a Kmart and a 12-screen movie theater. The shopping center portion of the project involved the demolition of a majority of the existing improvements, and upon reconstruction, it is planned to consist of approximately 235,000 sf of commercial shopping center space and five out-parcel buildings/pad sites totaling approximately 100,000 sf. The first tenants are expected to open for business no later than September 2016. The reconstruction of the inline portion of the shopping center will be completed by Fall 2016. The balance of the construction of approximately 100,000 sf of new buildings on out-lots is anticipated to be open by Spring 2017.
The redevelopment effort included the assemblage of three parcels within the main center and one additional property immediately north, across Stewart Road. Acquiring the north property was critical to maintain view control from the highway into the shopping center and to create three dominant outparcel offerings. The public finance package included a TIF, CID and TDD. Tenant participation in these financing vehicles were critical to the success of the development.
In a strategic finance plan, the private debt, public incentives (bonds) and land acquisition were all closed in a near simultaneous approach. This approach mitigated the risk to all parties involved in the transaction. Key to this approach was an executed leased status of near 80% of the project.
Work completed while engaged with a previous employer
“Working with Bart and Joanna was a pleasure. Their demeanor and approach made a complicated process easier.”
Economic Development Director
City of Liberty, Missouri
Approximate Sources & uses of funds:
Net Bond Proceeds $31,700,000
Outlot Sales $5,600,000
Private Loan $28,000,000
Total Sources $65,300,000
Hard Costs $36,800,000
Soft Costs $10,500,000
Total Development Cost $65,300,000