The developers of Mission Gateway have secured intermediate financing needed to get construction moving on all fronts of the long-awaited mixed-use project located at the site of the former Mission Center Mall.
GFI Development and The Cameron Group are eyeing 2021 for the project’s full completion, thanks to $20 million in fresh financing secured through Metropolitan Commercial Bank. The funds will allow construction to commence on the project’s 130,000-square foot entertainment portion by the end of April. Site preparation began for Mission Gateway’s three apartment-over-retail buildings last fall and those structures are on target for delivery by the end of 2020.
“The financing we have secured and closed will allow us to continue to deliver what we promised,” Tom Valenti of The Cameron Group told MetroWire Media.
Mission Gateway’s entertainment area will include an unnamed anchor tenant who will operate a 90,000-square-foot entertainment complex to complement a 40,000-square-foot food hall from Chef Tom Colicchio’s Crafted Hospitality.
“We were out there looking for financing, and it is coming to us in two ways. We secured the first wave of financing done through Metropolitan Commercial Bank, our lending partner. And we continue to work with Mission Capital, our capital advisors throughout the process,” said Andy Ashwal of GFI Development.
In January, GFI and the Cameron Group announced they were seeking a finance partner and bumping up the construction timeline after landing the unnamed destination entertainment tenant.
Mission Gateway snapshot:
-Colliers International will handle Mission Gateway’s office and retail leasing.
-Neighbors Construction is expected to complete the multifamily portion of the project in April 2020.
-Fogel-Anderson Construction Co. is serving as construction manager for the entire redevelopment project at Johnson Drive and Shawnee Mission Parkway.
-El Dorado, Inc. designed the overall master plan.
-NSPJ is architect of record for the Element by Westin hotel.
For more info, please visit www.missiongatewaykc.com