Creative Planning, the Leawood wealth management company moving to Overland Park, is expanding fast enough to require more than the single building it originally intended to occupy near Nall Avenue and Interstate 435.
The company has been growing throughout the country, with business on the coasts being about double what was expected, said Peter Mallouk, the company’s president.
Creative Planning has been the driver of the redevelopment of the northeast corner of West 110th Street and Nall Avenue. The CenturyLink building used to occupy that corner before it was imploded in early 2017 to make way for other development.
The wealth management company had planned to occupy one building of the development and lease out a second. But business has been so good that the company now expects to occupy at least one and a half buildings and is looking at an earlier timetable to build a third, Mallouk said.
Creative Planning predicted rapid growth when it first brought plans before the Overland Park City Council more than a year ago. The company was expected to have as many as 610 employees locally over the next ten years. Mallouk said it is well on track and about 50 employees ahead of schedule so far.
The city council’s finance, administration and economic development committee gave its blessing May 16 to a payment-in-lieu-of-taxes part of the public finance package to help pay some costs of the development near Interstate 435.
Last year the council approved up to $44.75 million in revenue bonds for the project, which will get a 10-year, property tax abatement of up to 40 percent. That agreement depends on Creative Planning maintaining staffing benchmarks.