NorthPoint Development, the prolific Riverside development firm, plans to acquire Northland Park and reinvigorate it with 10 new buildings.
NorthPoint is expected to go before the Port Authority of Kansas City, or PortKC, on Monday to request a 20-year property tax exemption and a sales tax exemption on certain contruction-related purchases. NorthPoint’s proposed arrangement with PortKC exempts 100 percent of property taxes for 10 years, followed by a 50 percent exemption the following 10 years.
NorthPoint officials declined to comment Friday until it presented its plans to PortKC’s Board of Commissioners on Monday afternoon.
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If all approvals are met and the sale of the property goes through, NorthPoint plans to build an aggregate of 4.3 million square feet of Class A industrial office space. The $250 million project could create 2,000 jobs in the Northland as it lands tenants.
Northland Park is located along Missouri 210 at North Kimball Drive.
The 450-acre development includes warehouses for Musician’s Friend, FedEx and Grainger Industrial Supply. The park is a joint venture between The Rockefeller Group in New York and the Suburban Land Reserve, a real estate affiliate of the Church of Jesus Christ of Latter-day Saints, or the Mormon Church.
NorthPoint’s project appears to have the support of affected taxing jurisdictions. On May 11, PortKC chief executive and president Michael Collins wrote a letter to North Kansas City school district chief financial officer Paul Harrell acknowledging the district’s formal support of NorthPoint Development’s plans and the terms of its property tax exemption.
NorthPoint is among the area’s busiest developers.
It developed Riverside Horizons, an industrial park in south Riverside along the Missouri River. It has also developed several industrial projects at Logistics Park Kansas City in Edgerton.
NorthPoint does more than industrial. The firm is developing the Power & Light Building, one of the more visible highlights on the skyline of downtown Kansas City, into luxury apartments.
Last week, NorthPoint announced it would sell property it held in Kansas City, Kan., to Seefried Development, which now plans to build its own industrial building. Seefried said it has a yet-to-be publicly named tenant in mind that could hire as many as 1,500 workers.