The transformation of the 1950’s shopping center consists of the reconstruction of approximately 310,000 sf of existing retail and restaurant space and new construction of approximately 24,000 sf of buildings. The existing center is currently undergoing complete renovations including façade, site and building utilities, landscaping, lighting and signage, parking, curbs and paving. The first new store in the center opened October 2015; the balance of the center is anticipated to reopen Spring 2016. Existing shops and restaurants will remain open during the reconstruction period. In addition to the inline shopping center, approximately 60,500 sf of new out-parcel buildings are planned to be built.
The redevelopment process for Truman’s Marketplace included amending the TIF Redevelopment Plan and TIF Redevelopment agreement twice to account for changes in the marketplace. Without an opening commitment from the shadow anchor located within the TIF redevelopment, the original plan for the shopping center required massive reorganization, a cost cutting approach and leasing effort to continue forward. The successful effort, completed in under six months, led to a shopping center design with much less demolition than originally planned, ended in a vernacular of one of a newly built center.
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 75% of the project.
Work completed while engaged with a previous employer
“Truman’s Marketplace will be an economic driver for the city for years to come. It was vital that we had a development partner we could depend on. Bart met, and exceeded, our expectations.”
Mayor Leonard Jones
City of Grandview, Missouri
Approximate Sources & uses of funds:
Net Bond Proceeds $18,500,000
Outlot Sales $6,500,000
Project Equity $2,800,000
Private Loan $28,700,000
Total Sources $56,500,000
Hard Costs $31,800,000
Soft Costs $13,200,000
Total Development cost $56,500,000