Big changes are in store for an Overland Park shopping center in the Metcalf corridor.
At its meeting Monday evening, the city council unanimously approved rezoning and $20 million in incentives for the redevelopment of Glenwood Plaza, which sits at the northeast corner of 91st Street and Metcalf Avenue.
The $97.5 million mixed-use project, named The Promontory, will feature 153,944 square feet of retail and 420 apartment units. Structured parking, attractive landscaping and walking trails will also be included.
Pad sites near Metcalf, such as the popular pancake restaurant IHOP, the upscale steakhouse restaurant J. Gilberts and Alaskan Fur, for example, will remain intact.
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“I hope everyone understands how important this project is for Overland Park,” said Councilman Curt Skoog. “It will be the first project that fits Vision Metcalf in the 95th and Metcalf node. It’s a big step for our community.”
Vision Metcalf is the city’s blueprint for the revitalization of its main commercial corridor, which runs from just south of Interstate 35 all the way to where Metcalf Avenue and Blue Valley Parkway intersect.
Arbor Development LLC intends to redevelop the former Glenwood Plaza property in three phases. Tax increment financing was requested for two of the three phases.
A $6.5 million TIF was granted for the first phase of the project, which will feature a four-story mixed-use facility, with first-floor retail and luxury residential apartments on the upper floors, near the northeast corner of the site.
A $3.9 million TIF was granted for the second phase, which will include façade upgrades and improvements to existing pad site buildings and parking, as well as infrastructure improvements.
Both phases are expected to be constructed simultaneously.
A $9.8 million Community Improvement District was also granted for renovation, which add a one-cent sales tax to retailers in the development, bringing the tax there to 9.85 percent.
In addition to the incentives, the city approved $15 million in economic development revenue bonds for the purpose of obtaining a sales tax exemption on construction materials and furnishings, fixtures and equipment.
Most of the tenants of the current shopping center are expected to remain, Craig Laderoute, one of the developers, told The Star. As for the two main tenants, he said the Chinese restaurant Bo Lings plans to relocate within the development and Half Price Books still has a five and a half year lease.
At the meeting, the council held a public hearing for anyone to speak out about the project or proposed incentives, but nobody spoke up.
The council didn’t hide its enthusiasm.
“I think the staff did an outstanding job working through the complexities of this project,” said Councilman Paul Lyons. “I really like the outcome.”
Construction on first phase of The Promontory is set to begin in January.