By Dawn Bormann Novascone
A multi-story mixed use building with space for a restaurant and retail received city approval Tuesday to be included in the tax increment finance district at City Center.
The Lenexa City Council approved a tax increment finance package for what’s been dubbed the “Central Green MXD Project.” The governing body also approved $8 million in industrial revenue bonds for the developer to construct the building.
The building will sit on 1.4 acres at the northeast corner of 87th Street Parkway and Penrose Lane. It overlooks Central Green Park.
The 48,000-square foot building received development approval in June. But the action Tuesday allows the developers, Central Green LLC, to capitalize on the City Center financial incentives.
The LLC includes a familiar name. The city agreements were signed by Scott Anderson, a partner with Riley Drive Entertainment. The group also operates Ignite Wood Fire Grill and Saints Pub + Patio in City Center.
The proposal calls for the building to house parking on the first floor with restaurant and retail uses on the second floor. Office space would occupy part of the second floor as well as the third and fourth story.
The plan includes space for additional surface parking and reconfiguring the existing on-street parking along Penrose Lane. The entrances would be along Penrose Lane and Elmridge Street.
The building sets well within the 424-acres City Center TIF district approved by the City Council in 2005.