It appears no big decisions on the long-delayed Mission Gateway project will be made in 2022.
Why it matters: The latest iteration of the project, one of Johnson County’s most watched and troubled developments, remains in limbo as developers work to secure nearly $20 million more in private funding.
Catch up quick: At a special meeting Monday night, the Mission City Council — for the second time in the last three months — put off any action on a final redevelopment agreement.
- However, by a 6-2 vote, the council did OK a revised preliminary development plan that more than doubles the number of apartment units in the project and reduces the size of a proposed food hall.
What was said: Mission City Administrator Laura Smith told the city council that a $19 million gap in developers’ private funding is the result of decreases in loan commitments and bond issuance revenues as well as an increase in construction costs.
- Matt Valenti with New York-based developer Cameron Group LLC, which owns the subsidiary group Aryeh Realty LLC, whose name is on the project, told the city council that their team is hopeful it can secure the needed private funding in time for a city council meeting on Jan. 18.
State of play: In addition to taking no action on the restated redevelopment agreement, the city council also tabled votes on a proposed tax increment financing project plan and a proposed Community Improvement District on Monday night.
- Smith said any action on these items is deferred until January 2023, as developers try to shore up funding.
- The city council deferred action on the TIF project plan and CID to Nov. 21 due to the redevelopment agreement being unfinished at that time.
- Now, the redevelopment agreement is finished and features items like 10% of residential dedicated to attainable housing.
What’s new: The revised development plan, which Councilmembers Hillary Parker Thomas and Ken Davis voted against, calls for a 14,000-square-foot food hall in a new apartment building with 200 units.
- Valenti told the city council on Monday that lenders asked developers to “de-risk” the project by cutting back on retail and replacing it with residential.
- The apartment building is proposed to be at the southwest corner of Johnson Drive and Roe Avenue, bringing the project’s total unit count to 372.
- Additionally, the city council approved a bond term extension in a 7 to 1 vote with Thomas in opposition.
Key quote: “I believe this project plan and its elements, its aesthetic and its phasing are not a good fit for what I consider to be the entrance of Mission,” Thomas said. “We’ve waited a long time for a worthy project on this site and I don’t think this is it.”
Go deeper: Mission Gateway FAQ — City tries to answer questions about long-delayed project
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