A group of investors wants to buy the McQueeny Lock building in the Crossroads and move the employees of three companies to it.
Superior Bowen, a Kansas City asphalt and development contracting company, would be the primary tenant of the 45,000-square-foot building at 520 W. Pennway by moving 226 of its employees, making the Crossroads facility its new headquarters.
Superior Bowen’s current headquarters operation is at 2510 Manchester Trafficway, not far from the Truman Sports Complex.
Trey Bowen, chief executive of Superior Bowen, said the company was outgrowing its current headquarters and also saw a move to the Crossroads as a way to help with recruitment.
“We think that area is a great, up-and-coming part of Kansas City that will help us recruit the talent we want to recruit,” Bowen said.
The company will keep its asphalt production at its current locations.
Inspired Homes, a homebuilding company related to Superior Bowen that’s based in North Kansas City, would move 14 employees to the McQueeny Lock building. Centric Projects, a well-known contracting company based in the Crossroads, would relocate 60 employees to the new location.
Taken altogether, the project represents an investment of more than $10 million and would place 300 employees in the Crossroads building. The facility provides room for growth for the three companies, which could add collectively 140 additional jobs at the McQueeny Lock building over the next 10 years, according to documents filed with the Economic Development Corporation of Kansas City.
An investment group called Monarch-520 Pennway LLC, which includes individuals who are related to the three companies involved, plans to buy the building for $3.5 million and invest an additional $6.5 million in renovating the property.
The project is scheduled for a hearing on Wednesday before the Enhanced Enterprise Zone board, an agency that can grant property tax abatements. The McQueeny project is requesting a 12-year, 100 percent tax abatement, while staff of the EDC is recommending a tax abatement for the same length of time, but at a 75 percent rate.
“We just think with this assistance with the Enhanced Enterprise Zone, it’s going to allow these companies to grow in a high-profile location and help shore up this side of the Crossroads,” said Chase Simmons, a Polsinelli attorney who is representing the project’s investors.
A tax abatement freezes current property tax rates for a certain period of time. If the board for the Enhanced Enterprise Zone grants the developer’s request, current taxes on the property — $15,107 — will continue to flow to taxing jurisdictions like the city, Jackson County and Kansas City Public Schools, among others, for 12 years. If the board accepts the 75 percent tax abatement, then some incremental increases in property taxes will be payable to taxing jurisdictions.