Lane4 Property Group, a Kansas City real estate firm, is proposing to develop 26 acres of flex/tech office and light industrial space on the southern part of the former Indian Springs Mall site in Kansas City, Kan.
Axis Point Developers I, a special business entity formed by partners of Lane4, appeared Monday evening before a committee of the Unified Government of Wyandotte County and Kansas City, Kan., to present its development plans that would occupy a portion of the dead mall site, which was demolished last year.
The project consists of 350,000 square feet of light industrial development and what’s called “flex/tech” office space, which is office space that often accompanies industrial or warehouse facilities.
The project is being proposed for two phases of construction; a first phase would involve 160,000 square feet of speculative development.
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According to documents on file with the Unified Government, Lane4 predicts the development could lead to 350 jobs once fully built out. The project asks for $25 million in industrial revenue bonds, which would trigger a 10-year, 75 percent property tax abatement on the 26 acres. Lane4 would buy the 26-acre tract from the Unified Government for $750,000, according to Unified Government documents.
The Unified Government in 2007 bought Indian Springs Mall for $8.4 million at the southwest corner of Interstate 635 and State Avenue after the 50-acre enclosed mall succumbed to the changes in the retail industry and in consumer tastes that claimed similar malls throughout the Kansas City area and the United States.
In 2014, the Unified Government hired Lane4 as the broker for the mall site. At the time, Lane4 principals, who are also redeveloping another dead mall in Metcalf South in Overland Park, looked at the site as a strong candidate for some type of retail, office or multifamily development.