Developer seeking $328M in public financing for massive Northland development
Before high-end retailers, bustling restaurants and a variety of new businesses can move into a massive, proposed $2.3 billion development in the Northland, the 400-acre plot of rough terrain needs extensive infrastructure work completed.
And the Church of Jesus Christ of Latter-day Saints-owned developer is seeking more than $300 million in public financing to help get the land in shape.
Land Reserve, which is owned by the church, is looking to utilize funding through tax increment financing, or TIF, to build roads, sewer systems, water mains and other necessary infrastructure throughout the 472-acre parcel of land near the intersection of Interstate 435 and Highway 152 before construction can begin.
“We think this property in particular is very exciting for us,” said Tyler Buswell, president of Land Reserve. “We believe it’s going to be good for the city, it’s going to be good for us, it’s good for everybody.”
Last month, the city’s TIF commission recommended incentives to reimburse up to $328 million of the costs of building out the needed public infrastructure. That money would largely come from new property taxes as the site increases in value and from half of the economic activity taxes generated on the site — which include earnings taxes, utilities taxes, food and beverage taxes, and other city and county sales taxes — for 23 years.
On Tuesday, the Kansas City Council’s Finance, Governance and Public Safety Committee also voted to move the proposal forward. It will go before the full council on May 7.
The tax money would only be used to pay back the developers for making necessary infrastructure improvements, including nearly 22 miles of sidewalks and 11 miles of roads, storm sewers, sanitary sewers and water services infrastructure, according to the proposal.
If the TIF proposal is approved, developers could begin grading and infrastructure improvements later this year, and begin construction on the mixed-use development in 2027. The project would stretch over the next 15 years, with the first phases of construction expected to be completed in 2029.
In total, the project, dubbed Pioneer Crossing, will likely consist of a mix of residential units, retail and restaurant space, a hotel, conference facilities, office buildings, entertainment venues and sports facilities.
Early plans for the project show developers expect to see more than 808,300 square feet of office space and over 1.1 million square feet of retail space built in the area, along with around 1,500 residential units, including single-family homes, townhomes and apartments, 150 hotel rooms and 4,000 parking spaces, according to planning documents.
Once completed, Land Reserve predicts the value of the area, which includes both the North Kansas City School District and Liberty School District, will jump from the 2025 assessed value of $60,180 to $418.7 million.
“We truly believe in Kansas City. We believe it’s a great city. It’s been a great place for us to be, historically,” Buswell said. “We’re excited for the future.”
