Calling its proposal a “historical and transformational moment for Overland Park,” a developer is asking for $610 million in public funding for a $2.4 billion project near Antioch Road and Interstate 435.
Curtin Property Co. wants to turn the former location of the Brookridge Golf and Fitness into a mixed-use urban-style development of office, retail, hotel and living space surrounding a park with a lake and a bridge modeled after iconic Venice bridges. It could include a state-of-the-art indoor performance venue seating around 3,000 people.
The developer is seeking about $610 million in public funding, which includes a Community Improvement District, state STAR bonds, a tax-increment financing district and $27 million in cash from the city of Overland Park’s general fund between 2015 and 2017 for land and infrastructure, according to city documents, which provide the first detailed look at at the project.
John Petersen, the attorney for the developer, briefed the city council on the proposal at a council work session Monday and emphasized that all cost and revenue estimates are preliminary.
Curtin Property is asking the city consider its requests for STAR bonds — sales tax revenue bonds paid from city and state sales taxes generated from the development — and the TIF district first. Preliminary estimates show the project is asking for $130 million in STAR bonds and $307 million from a TIF.
To meet the criteria for STAR bonds, the project should attract out-of-town visitors, make a significant economic impact, be unique and remain profitable, among several other factors.
Petersen told the council he thinks the project encompasses those qualities.
“This project keeps Overland Park in the game for job-based growth and corporate relocations,” Petersen said. “It continues the vision for Corporate Woods and Vision Metcalf.”
He estimates the development could draw around 3 million annual visitors and bring in millions of dollars of retail and could be iconic for the city.
For the TIF, where development costs are paid by the incremental increase in taxes that would be generated from the district’s redevelopment, the city will consider additional criteria, such as whether the project is in competition or in collaboration with other projects and developments in Overland Park, and the timing of the economic impact of the project.
Petersen said that instead of being in competition with other developments in Overland Park, the Brookridge project would fill a niche.
“People are going to places like the Plaza and Briarcliff,” he said. “So, we will not be creating something detrimental to our own retail base.”
The state secretary of commerce has deemed the project an “eligible area” for a STAR bond district.
The city will conduct a public hearing on creating TIF and STAR bond districts on Dec. 15, and the city can then consider creating the district. If the city creates the district, the county and Shawnee Mission school board have 30 days to veto the districts. If they don’t, the city can then work with the developer to create STAR bond and TIF plans.
Before the city considers approving any incentive plans, the land must be rezoned for the project, requiring several steps. The city planning commission is scheduled to consider it Feb. 9.
Curtin Property on Nov. 24 submitted to the city its plan for its walkable development, calling for 3,000 apartments, two to three executive hotels, an office and residential center “knit together” with a 39-acre “signature Central Park.”
The center of the park will have a lake surrounded by a promenade on the northern edge, a grotto fountain and public performance venue.
“Inspired by the iconic bridges of Venice, Italy, a landmark ‘Rialto Bridge’ crosses the lake at the narrow point of the lake, which features its architectural status as a usable public icon,” the plan states.