Market Lofts project in downtown OP will miss completion deadline, forgoing $100,000 in public financing

A rendering of the Market Lofts, which had been initially scheduled to open in 2017.

The long-running Market Lofts project in downtown Overland Park probably won’t be finished until the end of this year, and will likely lose about $100,000 in public funding as a penalty.

“We’re disappointed we didn’t make it, but it is what it is,” developer Paul Goehausen told the Post Thursday.

Goehausen had an extension on the completion deadline that was part of the conditions for getting the full $1.1 million in tax increment financing revenue from the city. Missing the deadline means he will forego 10 percent of that.

Market Lofts, at the northwest corner of 80th Street and Marty Street, has been in the works since the mid 2000s but has faced delays due to the recession. Most recently, Goehausen said unexpected problems in burying the utility lines caused him to miss the December 2017 completion deadline.

But city council members have become impatient with the slow progress and the look of the unfinished space in the heart of downtown. At a meeting, Councilmember Dave White called it an embarrassment to the downtown.

A six-month extension was granted in December with a stern warning that missing the next deadline would mean a penalty. No further extensions would be granted, White said.

“It just took longer than that,” Goehausen said. The utility line problem cost eight months. Then the opening of the Farmers Market cut out Wednesdays and Saturdays for work time, he added. But construction is getting back on track, he said. “It’s coming along now.”

Goehausen said he expects to provide an update to the council’s finance committee at its next meeting.

When finished, the $9.2 million project will have 36 apartments and 6,000 square feet of retail and structured parking.