The Kansas City Business Journal’s Rob Roberts reports that the long-vacant commercial property at Antioch and Shawnee Mission Parkway in Merriam could soon be the site of a new mixed-use development featuring restaurants, hospitality, entertainment and some retail.
Roberts broke the news Wednesday evening that Kansas City-based Block & Co. had led a group of investors who finalized purchased the property from its New York owners this week. According to his report, Block is negotiating to purchase the adjacent parcel that houses the IHOP restaurant building as well.
Menards, the Wisconsin-based home improvement chain, spent months in 2014 on plans to turn the former Kmart site into a new store. But it announced it was pulling back from those efforts in early 2015.
Block is reportedly looking to invest around $85 million in construction and development of the new project.