Mission Gateway has landed a 90,000-square foot destination entertainment tenant that “will be like nothing in the Kansas City market.” That’s the word from Tom Valenti of The Cameron Group, which is redeveloping the former Mission Center Mall site in partnership with GFI Development.
“The lease is signed. These are seasoned operators, with six units throughout the country, mostly in the south. They know what they are doing,” Valenti said of the unnamed tenant.
The concept will be an ideal complement to the 40,000-square foot food hall concept celebrity “Top Chef” Tom Colicchio is bringing to Mission Gateway and comes as plans for an Element by Westin hotel are being finalized.
“These new tenants have caused us to accelerate our business plan,” said Andy Ashwal of GFI Development. “We originally told the City (of Mission) we will build in phases, but we will now go ahead with the entire project.”
The new timeline also is accelerating the need for working capital.
“We just finished the offering memorandum to go out and raise money,” Valenti said. “We’ve hired Mission Capital to put together a capital stack that will add up to $140- $150 million for the entire project. That way we can move forward all at once.”
Mission Gateway’s first phase began last fall and includes 170 market-rate apartment units located above ground-floor retail in three buildings. 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 hotel.