ATTRACTING NEW RETAILERS IS THE GOAL
There’s potentially a new plan for a vacant former Kmart property in Platte County.
Developers hope to be able to attract new retailers after the Port Authority of Kansas City commissioners signaled intent to provide incentives for a planned $61.1 million redevelopment project at the site of the former Kmart near the intersection of NW 72nd St. and Prairie View Road near Platte Woods.
Exact address of the development property is 7100-7126 NW Prairie View Road, Kansas City in Platte County.
Last week, the KC Port Authority signaled intent to provide incentives for a $61.1 million redevelopment at the site. Port KC functions as an economic development arm for Kansas City by strategically developing land, attracting jobs, “and using tools like tax incentives and bonds to spur growth,” according to their online information.
Members of the Port KC Board of Commissioners include Denvoir Griffin, Wes Rogers, Morgan Said, Jack Steadman, Claire Terrebone, Matthew Oates and Kevin O’Neill.
The Kmart store closed in 2018, and a Block & Co. Inc. Realtors affiliate acquired the center the next near during Sears Holdings Corp.’s bankruptcy reorganization.
According to the Kansas City Business Journal, the brokerage firm has long owned surrounding properties southwest of 72nd Street and I-29.
Eventually the firm marketed different retail reuses for the former Kmart in a project called KC Grand Central Station, but none of those retail uses have materialized.
According to materials presented by Port KC, there are 153,000 leasable sq. ft. available for anchor, small shop and pad site retailers in six buildings on Block & Co.’ property, which covers 13.5 acres.
Currently, the 84,180 sq. ft. former Kmart sits empty. A few businesses in the adjacent center are operating, such as Tasty Thai, J&K Ethiopian Restaurant, and Papa John’s.
A standalone Iron Wok restaurant and a King Super Store sit just to the north.
According to the Kansas City Business Journal, support from Port KC would include a 15-year property tax exemption–70 percent for 10 years and 30 percent for the next five. Also included would be a sales tax exemption on construction materials and redirection of a one percent Port Improvement District (PID) sales tax.
The property tax exemption is valued at about $8 million over its lifespan, during which affected jurisdictions are projected to receive $6.3 million in tax payments, according to the Business Journal’s reporting.
Left vacant, Port KC officials said the Kmart location would yield $2.4 million during that time, and potentially less if it becomes further distressed.
The agency’s presentation said Block & Co.’s project would bring daily commerce and security to a “desolate” retail development just east of Plaza Middle School.
Kevin O’Neill, who is a Kansas City councilman as well as a Port KC commissioner, is quoted by the Kansas City Business Journal as saying during the Port KC meeting: “The school district hates it being there. It attracts very unwanted attention from people you don’t want to attract attention from. I support this because I think this will enhance that area.”
According to a Port KC timeline, Block & Co. could see approval for the retail incentives and execute project agreements in 2026. Construction could then run between 2026 and 2027.
