By Roxie Hammill
The Overland Park City Council has put the final stamp of approval on a deadline extension for completion of the Market Lofts to July 2018 with the warning that the developers could face a penalty for being late.
Council member Dave White said the project at the northwest corner of 80th and Marty streets has had a “long, tortuous history. They believe they will have it done this summer and we’re holding them to that.”
The $9.2 million project, when completed, will add 36 apartment units, 6,000 square feet of retail and a parking garage to the downtown.
The project, by developer Paul Goehausen, has been in the works for years. It originally was a condo project, but eventually was redrawn into the mixed use development it is today. A tax increment financing district was created in 2008 but the recession put the project on hold. It was supposed to be finished by the end of this month, but new delays were caused in burying the utility lines, complicated further by hurricanes that had Kansas City Power and Light crews helping out in Texas and Florida.
White previously expressed his frustration with the project, calling it “an embarrassment to downtown.” At the council meeting Monday night he assured the council that the penalty for missing the new deadline will be a “hammer” incentive to the developer. If the deadline is missed, the developer risks losing 10 percent of the tax increment revenue of about $1.1 million he is due to receive.
The July deadline will be Goehausen’s last chance to get the full amount, White said. “We are probably not going to be extending it again,” he said.
The council approved a resolution for the extended deadline unanimously and with no discussion.